STATION CASINOS COMPLETES RESTRUCTURING
FOR IMMEDIATE RELEASE:
June 17, 2011
CONTACT: Lori Nelson, Station Casinos LLC
(Las Vegas, NEV.) - Station Casinos today announced that it has completed its plan of reorganization and emerged from bankruptcy. The successful completion of the restructuring process that began in July 2009 means that all of the Company’s properties remain together under the Station Casinos’ umbrella, nearly 13,000 local jobs are preserved, and, as the result of the re-investment of nearly $200 million, Frank and Lorenzo Fertitta are the Company’s largest shareholders, owning 45 percent of the restructured Company. Frank and Lorenzo Fertitta and their existing management team will also remain the manager and operator of all of the Company’s properties.
“We are pleased to have completed the restructuring process and we look forward to this exciting new chapter in the Station Casinos story,” said Frank Fertitta III, Chairman and CEO of Station Casinos. “Lorenzo and I believe in the future of Las Vegas, which is why we remain committed to the Company and the community” stated Fertitta.
“We couldn’t have accomplished this restructuring without the loyalty and support of our guests, team members, vendors and the Las Vegas community and I want to sincerely thank them all for their support,” continued Fertitta.
The completion of the restructuring affirms that the Company’s operations will remain intact, and guests will continue to experience the same great value, friendly service and high-quality entertainment they have enjoyed since the Company’s founding 35 years ago.
Station Casinos LLC owns Boulder Station, Fiesta Henderson, Fiesta Rancho, Green Valley Ranch, Palace Station, Red Rock Resort, Santa Fe Station, Sunset Station, Texas Station, Days Inn at Wild Wild West and the Wildfire Gaming division that includes Barley’s Brewery, The Greens, Gold Rush, Lake Mead Lounge, Wildfire Casino & Lanes, Wildfire Boulder and Wildfire Rancho. The Company also manages Aliante Station pursuant to a management agreement. Additionally, Station Casinos LLC owns various land holdings and develops and/or manages four tribal gaming opportunities in California and Michigan pursuant to development and management agreements.