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Last week Station Casinos proposed a $772 million stalking horse bid for the remaining assets including Texas Station, Santa Fe Station and the Fiesta properties through the newly formed Fertitta Gaming.
Boyd Gaming Corp and other unsecured creditors were quick to file objections to the bankruptcy court to fight the “tainted” bid, that is until now.
Now, Boyd has decided to withdraw their complaints because it “has become clear, based on the responsive papers filed by Station, that Station is determined attack Boyd Gaming, rather than address the important issues at hand,” company spokesman Rob Meyne said.
Instead Boyd will focus their efforts “on the key objections related to the proposed bidding procedures for Station’s assets.”
The court is still scheduled to hear objections from the official committee of unsecured creditors and the independent lenders who have also objected, in Reno next Tuesday.
If the proposal is permitted and not outbid then Station Casinos will remain in control of the majority of their casino properties, through the new company, without having to pay off the majority of debt they have incurred.
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