Out Of Time, Station Casinos Files For Bankruptcy Protection

Add Station Casinos to the growing list of US based casino companies that simply could not withstand the current economy. The gaming company filed for bankruptcy protection on Tuesday, joining Trump Entertainment and others.

Station Casinos was trying to come up with a plan between themselves and creditors that would have allowed them to avoid bankruptcy, but talks broke down at the beginning of the week. That led to the Tuesday filing for the Las Vegas-based company.

The company was able to save some of their casinos from being included in the bankruptcy dealings. Stations has eighteen casinos on the West Coast, and they are glad that the casinos did not have to be included in the bankruptcy.

"The most important part of our company is the eighteen casinos we have here in the valley," said Chief Operating Officer Kevin Kelley, "It's business as usual." The company now will begin its restructuring efforts.

Station Casinos was offered a way to avoid bankruptcy back in February. Boyd Gaming offered to buy some of the company's assets, but Station Casinos turned the offer down. Now they must come up with a plan acceptable to the bankruptcy judge.

While many casino companies are struggling, there has been some hope of late that the industry as a whole could be turning around. Stock prices were up last week for some of the major casino gaming companies.

July 29, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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