Fertittas ready to move on with revitalized Stations Casinos

Jun 20, 2011 7:59 PM

After nearly two years of struggling through financial restructuring, as well as a dismal business environment brought on by a recession that is slowing recovering, Station Casinos Inc. has exited Chapter 11 with nearly all its properties intact.

The company has announced that the bankruptcy court in Reno, Nev., and the regulating agencies have approved the new structure with the founding family, headed by Frank Fertitta III and his brother, Lorenzo, once again at the helm, owning 45 percent.

Following the investment of $200 million, the Fertittas are being joined as owners by Deutsche Bank AG, 25 percent; JP Morgan Chase & Co., 15 percent and some bondholders, including Tom Barrack’s Colony Capital LLC.

All the "Station" properties are involved in the new structure, except Aliante Station, now owned by the debt holders but operated by the Fertittas as managers.

"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 in a company statement.

"Lorenzo and I believe in the future of Las Vegas, which is why we remain committed to the company and the community. We couldn’t have accomplished this restructuring without the loyalty and support of our guests, team members, vendors and the Las Vegas community," he said.