Judge Approves Auctioning Station Casino Hotels | Gaming News
RENO, Nev. -- A federal bankruptcy judge in Nevada has approved a plan to auction 11 Station Casinos properties on the open market.
U.S. Bankruptcy Court Judge Gregg Zive in Reno said Friday that he'll supervise the Aug. 6 sale. The judge says he wants to control disentangling what he called a complex set of relationships with "legal issues and questions at every step of that separation."
The proposal would spin off the Red Rock Resort, Palace Station, Sunset Station, Boulder Station and Wild Wild West properties into a holding company owned by company lenders, real estate investor Colony Capital, and members of the casino company's founding family.
The holding company would offer $772 million for the remaining 11 casinos, land holdings, and American Indian casino contracts as one entity.
(Copyright 2010 by The Associated Press. All Rights Reserved.)