Efforts by Station Casinos to secure support of unsecured creditors for a prepackaged bankruptcy stalled last month, forcing the company to file for Chapter 11 bankruptcy protection.
The motion was filed in U.S. Bankruptcy Court in Reno. It covers Station Casinos Inc. and 17 of its non-casino affiliates, land holdings in Reno and other non-gaming assets. The company’s 18 casinos will continue to operate, according to the filing.
Station COO Kevin Kelley added that vendors and employees, as well as customers who have accumulated reward points, will not be affected.
“It is business as usual at our 18 gaming properties,” he told the Las Vegas Review-Journal. “Team members, guests and vendors are going to be treated just as they always have been for the last 33 years.”
The filing lists $5.7 billion in assets against $6.5 billion in debt. The majority of that debt comes from the move in 2007 to take the company private with Colony Capital and the Fertitta family.
Rival locals operator Boyd Gaming immediately said it would continue to pursue the purchase of some or all of Station Casinos’ properties.
