Boyd Gaming Takes A Hit From Stations Casinos Bankruptcy Judge

Boyd Gaming and other groups have been pushing for an examiner to be put on the Station Casinos bankruptcy case. This past week, Boyd took a hit when the judge in the case decided that an examiner was not needed.

For several months now, Boyd has shown their interest in purchasing some, or all, of the assets of Station Casinos. Continually, Station has balked at those advancements, and the judges ruling this week further hurts Boyd's chances of gaining the assets.

Boyd and the other groups would like to bid on the sale of Station Casinos' assets, and an examiner would help that process. The examiner would have the authority to negotiate a sale on behalf of Stations. The judge in the case, Gregg Zive, was not convinced that will be the route of this bankruptcy.

"There is an underlying premise that this case is destined to be a sale," said Zive, "I don't know that this is the case." he did note in his ruling, however, that a sale was not out of the question.

Zive left the door open for anyone to bid on the assets of Station casinos, and that the gaming company could accept the bid if they chose to do so. With the growing tension between Boyd and Station, it seems unlikely that option will be explored.

The direction of the reorganization of Station Casinos is still up in the air. The company will try to reorganize from within, but time may become an issue and their plan may not be accepted by Judge Zive.

November 21, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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