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Bankrupt Station Casinos has filed a reorganization proposal to sell most of the company’s assets while allowing the Fertitta family to retain a stake in the remaining properties.
Under the plan, secured lenders will own 50% of four Station properties including the Red Rock Casino Spa, Palace Station, Boulder Station and Sunset Station which generates most of the company’s cash flow.
The Fertitta family will continue to operate the property and maintain a 46% stake, with Colony Capital LLC holding the last 4% and injecting an undisclosed amount of money into the company.
The Four properties will carry $1.6 billion of debt, while Stations nine other casinos and five joint ventures will be sold.
Rival casino operator Boyd Gaming has made several attempts to acquire Stations assets; put has been continually rejected by the Fertitta’s.
Penn National Gaming has also said that they were looking into gaming assets up for sale in the U.S. including Station’s.
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