Station Casinos files bankruptcy

July 28, 2009 · Print This Article

Unable to slash costs and debt, Station Casinos filed bankruptcy today.

As expected for the past several months, the protection will allow restructuring after not coming to terms with its lenders.

The company has $5.7 billion in debt, and bondholders control $2.3 billion.

The 18 Station and Fiesta casinos that it owns, however, are not part of the filing.

In a quick move to calm casinos guests, Station sent out an e mail from CEO

Frank Fertitta with the subject “Important knowledge for our Valued Guests.”

In it, he describes the 13,000 jobs they created, the billions of dollars in the building of their properties, and the millions of dollars donated to charity in Clark County.

He makes clear that the 18 casinos are not affected and will remain open, along with Boarding Pass points intact and offers such as the 2-for-1 dining offer.

[Source] Las Vegas News Blog

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