Regulators approve Station Casinos reorganization

May 27, 2011 7:02 AM

Nevada gambling regulators have approved a Station Casinos Inc. bankruptcy restructuring that keeps founding Fertitta family members in charge.

The Nevada Gaming Commission approved the Chapter 11 reorganization plan at a special Thursday meeting in Las Vegas.

The approval comes one day after a federal bankruptcy judge in Reno approved a debt reduction and ownership shuffle for the Las Vegas-based casino operator.

Gaming Commissioner Tony Alamo says Station will reduce what it owes by about $4 billion, giving it a good chance to survive as the gambling and tourism industry recovers from the Great Recession.

Company officials say the restructured company will have about $2.5 billion in loans.

Station Casinos ownership plans for the Aliante Station in North Las Vegas and Green Valley Ranch in Henderson are pending.