Station proposes selling 14 casinos through court
LAS VEGAS (AP) – Privately held Station Casinos Inc. says owners Frank Fertitta III and Lorenzo Fertitta plan to keep a 46 percent stake in four casinos while 14 others are sold through bankruptcy under a new reorganization plan.
The plan disclosed Thursday in a Securities and Exchange Commission filing calls for lenders holding debt to become the new owners of the Red Rock Casino Resort Spa, Palace Station, Boulder Station and Sunset Station.
Station Casinos says the Fertitta brothers will make a new investment for their stake in the four casinos, as will Colony Capital.
Company officials say they hope a bankruptcy court in Reno will approve its plan by this summer, so the casino operator can emerge from bankruptcy before the end of the year.
Station filed for bankruptcy in July.