Station Casinos Buys Time With Forbearance Agreements
Station Casinos' future in the gambling industry is at best murky these days. From one day to another nobody knows the future direction, if there is one, of the casino company. On Tuesday Station Casinos announced a forbearance agreement they have reached with some of their lenders.
Trump Entertainment Resorts has already laid the model of how a company could find itself in bankruptcy. Trump had several delays in debt renegotiation's with lenders before deciding that they had to file for bankruptcy protection.
Station Casinos is now in a similar situation. The company is unsure of its future. It owns casinos in Las Vegas, but has been struggling financially since the economy in the US took a turn for the worst.
Boyd Gaming is thought to have interest in buying the casinos from Station. Both companies have been tight lipped about any possible sale, and neither spoke of the issue on Tuesday after the forbearance was announced.
The forbearance is dated way back on November 7th of last year. The company has until April 15th to make payments. That is the day the forbearance will expire. The company still will have the option of delaying payments, but a decision on the future could come sooner than that.
Station has not decided whether or not they will file for bankruptcy, but it has become a strong possibility. The casino market in the US has dried up considerably over the past year. Even some of the most powerful companies, such as Wynn Resorts and Las Vegas sands have seen stock prices fall dramatically.
March 3, 2009
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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