Station Casinos Exits Bankruptcy After Almost Two Years in Chapter 11

Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, exited Chapter 11 almost two years after seeking court protection.

Station was reassembled by its founding family, led by Frank Fertitta and his brother, Vice Chairman Lorenzo Fertitta. They own 45 percent of the restructured company after investing almost $200 million, Las Vegas-based Station said today in an e- mailed statement.

“Lorenzo and I believe in the future of Las Vegas, which is why we remain committed to the company and the community,” Frank Fertitta said in the statement.

Other owners include lenders Deutsche Bank AG (DBK) with 25 percent and JPMorgan Chase & Co. (JPM) with 15 percent, some bondholders and Tom Barrack’s Colony Capital LLC.

Station filed for Chapter 11 protection in July 2009 after a leveraged buyout by the Fertitta family and Colony Capital. Station is exiting bankruptcy with 17 of the company’s 18 casinos still controlled by the existing owners.

Aliante Station, the 18th, is still managed by Station after being taken over by creditors in May.

The bankruptcy case is In re Station Casinos Inc., 09- 52477, U.S. Bankruptcy Court, District of Nevada (Reno).

To contact the reporters on this story: Beth Jinks in New York at bjinks1@bloomberg.net; Steven Church in Wilmington, Delaware, at schurch3@bloomberg.net.

To contact the editors responsible for this story: John Pickering at jpickering@bloomberg.net; Anthony Palazzo at apalazzo@bloomberg.net

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