Station Casinos Approved To Become Fertitta Gaming

Station Casinos has announced that the judge has approved their restructuring plan positioning them to exit bankruptcy in early 2011.

With an auction behind them that paved the way for the founding family to remain in control of a majority of their assets, the rest of the plan also involves the Fertitta brothers holding onto the remaining assets with lenders as partners in the new venture, Fertitta Gaming.

Approval must still be granted by Nevada gaming regulators.

“The implementation of this plan will make us a much stronger and healthier company going forward,” Executive Vice President Scott Nielson said.

Station Casinos entered bankruptcy last year for protection of a massive debt load taken on when the Fertitta’s and Colony Capital led a leveraged buyout to take the company private.

Fertitta Gaming was formed as a loop hole in the process after creditors rejected a proposal that allowed both the Fertitta’s and Colony Capital to remain in control of the gaming properties, forcing them into bankruptcy.