Fertitta Family Stays In Control Of Station Gaming Operations
The Fertitta family is one of the pioneers of casino gambling in the US. The family owns Station Casinos, and has been highly successful through the years. The recession, however, has cast a doubt over the future of the company.
On Thursday, the Fertitta family receive3d good news when Nevada gaming regulators approved a reorganization plan that will keep the family in control of their gaming empire. The bankruptcy plan was approved mainly because the regulators had no alternative.
If the bankruptcy plan was rejected, casinos may have had to close. That would have caused a ripple down effect that could have landed thousands of Nevada residents out of work. That is not the type of business model that the Nevada Gaming Control Board had wanted to follow.
Instead, the Fertitta family will be allowed to move forward with their bankruptcy plan, and the jobs will be saved in the immediate future. Stations filed for bankruptcy back in 2009, after the economic recession, but still needed a plan to restructure over $5 billion in debt.
"We, as regulators, have to see whether or not the management team is suitable," said Chairman of the Nevada Gaming Commission, Peter Bernhard. "And clearly it has been for many years."
The Fertitta family is counting on the gaming industry settling back in after the recession. In recent months, casinos around the country have seen a slight improvement in revenue figures, but analysts predict that a full recovery within the industry will not be seen until late in 2012.
Las Vegas has been the gaming capital of the world for many years, until the Macau industry took over the past five years. Macau casinos are now seeing revenue increases at rates never before seen in the history of casino gambling.
May 26, 2011
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
Previous Casino Gambling News Articles
Mississippi Casinos Starting To Reopen After Devastating Flooding
Victoria Not Going Quietly Towards Gambling Limits In Australia
Nevada And Atlantic City Casinos Ban Gambler For Winning
MGM China Finalizes Plans For IPO In Hong Kong
Mississippi Casinos Welcome Back Gamblers After Flooding