A sigh of relief was heard emanating from Station Casinos Inc. (STN) on Wednesday morning following the announcement that the company had signed an agreement with the Missouri Gaming Commission.
The agreement provides that the commission will drop all pending disciplinary actions against the company following the payment of a $1 million fine. The fine will be paid after Station Casinos sells its two gaming riverboats in Missouri to Ameristar Casino Inc. (ASCA) for $475 million. The sale is expected to be completed by mid-December.
Station Casinos could have faced stiff penalties, including loss or suspension of gaming licenses.
In a statement issued by the company, Station Casinos Chairman Frank Fertitta, III, said the agreement would permit the company “to focus our attention on our operations and growth plans in Las Vegas.”