Station Casinos Restructured

Station Casinos has emerged from Chapter 11 bankruptcy protection under the control of the founding Fertitta family, which raised its stake in the company during a two-year restructuring process.

Station Casinos holds 17 properties around Las Vegas including Red Rock Casino Resort Spa, Palace Station and Green Valley Ranch Resort. The Fertittas have taken on 45 percent ownership after investing $200 million in the company.

Previously, the family owned 25 percent of Station Casinos.

Other owners in the restructured company include Deutsche Bank AG, JP Morgan Chase & Co. and some former bondholders.

Station Casinos filed for bankruptcy in July 2009 with nearly $6 billion in debt and reportedly shed $4 billion of that load during the restructuring.

In addition to Vegas, the company has multiple agreements for tribal casino developments in California and Michigan.