Station Casinos Announces Second Quarter Results

The Company's net revenues for the second quarter ending June 30, 2010, were approximately $233.6 million, a decrease of 12.6% compared to the prior year's second quarter. The Company reported Adjusted EBITDA for the quarter of $61.4 million, a decrease of 22.5% compared to the prior year's second quarter. For the second quarter, the Company reported a net loss of $69.6 million as compared to a net loss of $65.3 million in the prior year’s second quarter.

In connection with the Chapter 11 cases, the Company recorded net reorganization items of $37.9 million in the second quarter. These reorganization items represent professional fees and other costs incurred as a direct result of the Chapter 11 cases of $31.2 million, and adjustments of swap carrying values of $6.8 million.

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Why causing big debt has not cost Fertittas control of Station Casinos

The Fertitta family may well end up running the Station Casinos empire it founded, even after putting more than $6 billion in debt onto the company in 2007 as the economy worsened and sending it into bankruptcy.

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Station Casinos Wins Court Approval of Sale to Chairman Fertitta's Group

Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, won initial court permission to sell most of its casinos to a group led by Chairman Frank Fertitta in a deal worth $772 million.

U.S. Bankruptcy Judge Gregg Zive today approved the results of an auction process in which no other qualified bidder challenged a group led by Fertitta and his brother, Vice Chairman Lorenzo Fertitta. Companies, including Boyd Gaming Corp., declined to bid after Station announced a settlement with bondholders last month.

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Key lenders agree to Station Casinos reorganization plan

Station Casinos Inc. of Las Vegas today said certain creditors have agreed to support a plan in which the Fertitta family, Colony Capital and key lenders would control the entire company.


The Fertittas and Colony earlier agreed to take an ownership stake in four big hotel-casinos that are being foreclosed on by lenders. Those properties are called the PropCo properties and are Red Rock Resort, Sunset Station, Boulder Station and Palace Station

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Bankruptcy judge urges Station Casinos, creditors to negotiate

RENO – After six hours of arguments, a federal bankruptcy judge advised Station Casinos and unsecured creditors to hold negotiations over a $2.3 billion debt, rather than face legal action.

U.S. Bankruptcy Judge Greg Zive withheld a ruling on the petition by the unsecured creditors to be allowed to sue over the arrangement of the 2007 leveraged-buyout deal that took the casino company private.

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Station Casinos bondholders want permission to sue

Station Casinos Inc.'s bondholders asked the Las Vegas company's bankruptcy court Monday for permission to sue the company over the 2007 leveraged-buyout deal that took Station private, charging the transaction crippled the company by saddling it with excessive debt.

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Culinary Union sides with Station Casino’s creditors

The Culinary Union heightened the drama in its fight with Station Casinos last week, blaming a management-led buyout for the company’s bankruptcy filing and aligning itself with the company’s creditors.

The union issued a detailed report on the company’s financial woes, arguing that Station could have avoided bankruptcy had it not pursued a $5.7 billion deal to take the company private in 2007. It concluded with a call for creditors to demand that Station’s owners reinvest a significant part of the profits from the deal to help the company recover.

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Creditors press for independent examiner in Station bankruptcy

Ongoing disputes between Station Casinos Inc. and two groups of creditors continued with more bankruptcy court legal maneuvering this week.

The company and one of the lenders' groups filed legal briefs in advance of a hearing on Nov. 20 on various issues.

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Boyd pursues Station Casinos in bankruptcy court

LAS VEGAS—Casino operator Boyd Gaming Corp. is asking a federal bankruptcy judge to let it buy some or part of the assets of one of its rivals.
Las Vegas-based Boyd filed a motion Sunday in Station Casinos Inc.'s Chapter 11 reorganization case in U.S. Bankruptcy Court in Reno.

Boyd wants the judge to appoint an examiner so outside companies can offer reorganization plans.

Station Casinos rejected a $950 million offer earlier this year from Boyd to buy some or all of Station's assets.

Station Casinos operates 18 casinos in the Las Vegas area. It filed for bankruptcy protection in July and asked the court last week for a four-month extension to submit a reorganization plan.

Station Casinos wants more time to restructure finances

Station Casinos opposes creditors’ request to probe 2007 deal

On the eve of a hearing in Reno in its bankruptcy case, a dispute emerged Tuesday on whether creditors can extensively investigate the 2007 deal that took Station Casinos Inc. of Las Vegas private.
The case's Official Committee of Unsecured Creditors said in a court filing that it intends to press its request Wednesday that it be allowed to hire law firm Quinn Emanuel Urquhart Oliver & Hedges LLP to fully investigate the deal.

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Station Casinos wants ‘breathing room’ from employee wage suit

At the time of the bankruptcy filing, a lawsuit seeking class-action status was pending in Clark County District Court alleging as many as 20,000 current and former workers were shorted on pay because of a "rounding" system Station uses to track hours worked.

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Creditors probe deal that took Station private

A group of creditors in the Station Casinos Inc. bankruptcy case revealed Wednesday it's investigating the 2007 deal in which the Las Vegas company was taken private -- a deal the creditors say involved questionable terms that now threaten recovery of funds by the creditors.
Attorneys for the Official Committee of Unsecured Creditors made the revelation in a motion objecting to plans by Station and some of its bank lenders to spend cash during the bankruptcy process.

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http://www.lasvegassun.com/news/2009/aug/27/creditors-probe-deal-took-station-private/

Lenders battling in Station Casinos bankruptcy case

The bankruptcy of Station Casinos Inc. has revealed that the Las Vegas company's banks are fighting amongst themselves as different groups of lenders move to protect their positions in the company's $6.4 billion of debt

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http://www.lasvegassun.com/news/2009/jul/30/lenders-battling-station-casinos-bankruptcy-case/

Station Casinos Voluntarily Files Chapter 11 Petitions to Restructure Its Debt

Station Casinos, Inc. (the "Company") announced today that it and certain of its non-casino subsidiaries filed voluntary petitions to reorganize under Chapter II of the United States Bankruptcy Code in Reno, Nevada. Pursuant to an agreement with the Company's senior secured lenders, none of the Company's casino operating subsidiaries or affiliates were included in the Chapter 11filings and the Company will continue normal operations at all of its properties under the direction of its existing management team. In addition to cash generated from its operating subsidiaries and affiliates, the Company has in place an agreement with its senior secured lenders that~ subject to court approval, permits it to borrow, as needed, up to $150 million of cash from one of its non-operating subsidiaries.
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http://www.hotelinteractive.com/article.aspx?articleid=14391

Station Casinos Files for Bankruptcy as Talks Fail

July 28 (Bloomberg) -- Station Casinos Inc., taken private by Colony Capital LLC and management in 2007, filed for Chapter 11 bankruptcy after failing to reach agreement with unsecured creditors on a plan for a prepackaged court restructuring.

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http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo

Station Casinos Announces First Quarter Results

LAS VEGAS--(BUSINESS WIRE)--Station Casinos, Inc. ("Station" or the "Company") today announced the results of its operations for the first quarter ended March 31, 2009.
Results of Operations
The Company's net revenues for the first quarter ending March 31, 2009, were approximately $282.7 million, a decrease of 20% compared to the prior year's first quarter. The Company reported Adjusted EBITDA for the quarter of $98.0 million, a decrease of 28% compared to the prior year's first quarter. For the first quarter, the Company reported a net loss of $33.7 million as compared to a net loss of $70.9 million in the prior year’s first quarter.

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