Station Casinos to auction off some resorts
RENO (AP) – A federal bankruptcy judge has approved plans by Station Casinos Inc. to auction off 11 of its gambling properties to satisfy some creditors.
Judge Gregg Zive on Friday set a July 30 deadline for bids and says he will conduct the auction Aug. 6 in Reno.
Zive also approved plans to split the 18-casino company into two entities.
As part of the reorganization, the Las Vegas-based company will place the 11 casinos – including Texas Station, Santa Fe Station and the two Fiestas – up for auction as one entity.
Station Casinos filed for Chapter 11 bankruptcy protection last July, listing $5.9 billion in debt.
Under the proposed reorganization plan, two major creditors would join with casino operators to hold on to five of the company’s largest resorts.