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More trouble for Station Casinos
By Zach Arnold | February 13, 2009
Crown, a major gambling player in Australia, has had to write down $450M on investments they made in the casino world — including a stake in Station Casinos.
The Las Vegas Sun has three new articles on Station Casinos. We’ll start with this article, claiming that regulators are keeping ‘a closer watch’ on Station.
Neilander said Station’s risk level has gone up over the last few months so, as a result, the company is subject to more frequent reviews by Control Board auditors. He said a board committee continually analyzes every gaming company in Nevada and develops a risk profile based on their respective financial conditions. The companies with the highest risk are audited more frequently.
The second article details a new lawsuit filed against Station Casinos by two attorneys who are representing a bondholder in SC, claiming that Station’s proposed pre-packaged bankruptcy plan would ‘harm many of the company’s bondholders’ while keeping the Fertitta family in power. The third Sun article has more details on the new lawsuit:
“A gentleman is a man who will pay his gambling debts even when he knows he has been cheated,” the complaint begins. Station Casinos’ owners “are not acting gentlemanly,” it continues.
Station Casinos, one of Las Vegas’ largest victims in this recession, is expected to file for bankruptcy in March after bondholders vote on a proposed restructuring plan.
The plan proposes that bondholders exchange their bonds for notes worth less money. If a majority approve the offer, Station owners will put $244 million in new equity into the company, reducing the company’s debt and keeping bank lenders at bay.
Topics: Media, Zach Arnold | 3 Comments » | Permalink | Trackback |
The Fertittas are so greedy their latest motion in my case against them asks ME to pay THEIR LEGAL FEES!
Genius Rich, that’s a common legal practice, the loser gets to pay the legal fees.
Damn the Fertittas are good at ripping people off. First 90% of their fighters now their bondholders