Ending the Bankruptcy


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Texas Station was among 11 casinos that were on the auction block in the Station Casinos bankruptcy case.

The bankruptcy judge, in a hearing that took less than 40 minutes, approved the “stalking horse” bid of $772 million submitted by members of Station’s founding Fertitta family and their lenders to retain 11 casinos that were put on the auction block.  It sets the stage for Station to emerge from bankruptcy with some $700 million in new debt in place of the $6 billion it had a year-ago when entering bankruptcy – nice trade if you can do it. One thing is certain, Las Vegas will be better off with one of its major operators out of bankruptcy and operating without a crippling debt. Those big debt payments harm operations, just ask Donald Trump how difficult it is to keep up with the competition when all of your extra cash goes to debt payment and not to upgrading or improving your facilities.

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