Station Casinos Buys More Time With Bankruptcy Looming

Station Casinos is another in the list of casino companies that is fighting to stay out of bankruptcy. The economy has been rough on these companies, and some, such as Trump Entertainment, have already succumbed to bankruptcy.

On Thursday, Station Casinos was expecting to delay what looks like the inevitable. They have asked lenders for a forbearance that would buy them some time before they must file.

"We expect to receive a forbearance extension from our lenders and are awaiting the paperwork," said Lori Nelson, Station Casinos Director of Corporate Communications.

Station Casinos was able to cut its first quarter loss. That came as good news to a company that has been steadily watching revenues decline at their casinos. They cut their losses by trimming their operation costs by almost thirteen percent.

Part of what Stations is trying to accomplish is restructuring their debt. The Fertilla family, which owns Station Casinos, has agreed to pump $244 million into the company if the restructuring agreement is approved by lenders.

May 16, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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