FERTITTA FAMILY TO MAINTAIN CONTROL OF STATION CASINOS
LAS VEGAS – Station Casinos, led by Frank and Lorenzo Fertitta, received approval today from the U.S. Bankruptcy Court for the Company’s joint plan of reorganization. The plan, as approved, keeps all of the company’s wholly-owned properties and assets within the Station Casinos’ family; these properties include Palace Station, Texas Station, Sunset Station, Red Rock Resort, the Fiestas, Santa Fe Station, Wild Wild West, the multiple Wildfire casinos, gaming entitled land holdings.
The Fertitta brothers will be the largest shareholder of the Company and will remain in charge of the management of all these properties. As part of the restructuring, the Fertitta brothers are re-investing $150 million in the Company and will have new equity partners.
The Fertitta family founded Station Casinos in 1976 with a 5,000 square foot casino (which has grown to what is known today as Palace Station) and grew it into the largest and most popular locals’ casino company by offering guests a great entertainment experience, value and friendly service.
With the bankruptcy process now concluded, the final step in the restructuring process will be seeking the necessary regulatory licenses and approvals from the Nevada Gaming Control Board and Nevada Gaming Commission.
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Dated August 6, 2010
Founding Family Retains Control and Ownership of Station Casinos
LAS VEGAS – FRANK AND LORENZO Fertitta, the founding family of Station Casinos, were approved today by the U.S. Bankruptcy Court as the winning bidder in the sale of some of the Company’s properties and assets which includes, among other things, Texas Station, the Fiestas, Santa Fe Station, the multiple Wild Fire casinos and gaming entitled land holdings.
The $772 million “Stalking Horse” bid was deemed the highest and best offer by U.S. Bankruptcy Judge Gregg Zive in Reno, Nev.
The Fertitta brothers will be the largest shareholder of the Company and will remain in charge of the management of all these properties as well as Palace Station, Boulder Station, Sunset Station, the Wild, Wild West and Red Rock Resort.
The Fertitta family founded Station Casinos in 1976 with a 5,000 square foot casino (what is known today as Palace Station) and grew it into the largest and most popular locals’ casino company by offering guests a great entertainment experience, value and friendly service.
The next step in the bankruptcy process will be the confirmation of the Company’s joint plan of reorganization which will be considered by the court at a hearing scheduled for August 27 and 28.
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We visit Las Vegas several times a year, staying almost entirely at the Station Casinos. We have found the room rates, dining, along with the promotions, drink specials and gambling to be the best at any of the Stations Casinos. We are glad the Fertitta Family was able to maintain control over the various proerties, and we are looking forward to continuing our relationship with all of the Station Properties. During our next two week visit to Vegas, we are staying at 4 of the Station properties, come on September.