Fertittas get Station Casino approval, loss grows smaller

May 30, 2011 8:16 PM

After nearly two years of working with the U.S. Bankruptcy Court, Station Casinos LLC is set to exit bankruptcy following last week’s approval of the reorganization plan by the Nevada Gaming Commission.

The new company, headed by Frank and Lorenzo Fertitta, owners of 45 percent under the restructured arrangement, will include Deutsche Bank AG, 25 percent; JP Morgan Chase, 15 percent and former bondholders, 15 percent.

All former Station Casino properties, except for Green Valley and Aliante, will be operated under the new banner. The bankruptcy judge will rule on the restructuring of Green Valley this week while Aliante will be turned over to its creditors.

In one of its final quarterly reports, Station Casinos Inc., said its loss had grown smaller during the three-month period that ended on March 31.

The company lost $11.8 million on revenues of $247.7 million compared to the previous year when the loss was $53.5 million on revenues of $249.3 million.

Slots revenue increased 3.8 percent during the period while table games fell 6.5 percent.