Station Casinos in Nevada filed for Chapter 11 bankruptcy protection after reaching an impasse in months-long negotiations with creditors on a plan to restructure the gaming company’s $6.5 billion debt.
The bankruptcy case, which includes parent company Station Casinos Inc. and 17 of its noncasino affiliates, was filed in U.S. Bankruptcy Court in Reno, Nevada. The noncasino subsidiaries control the company’s landholdings in Reno and other nongaming assets.
The company’s 18 casino properties and their affiliates were not included in the filing, and company executives stress that those properties will continue to operate like they do today.
As this is going on, Boyd Gaming Corp. remains “actively engaged” in discussions to acquire some of the assets of Stations Casinos.
Boyd in February offered to acquire several of Station Casinos’ properties for $950 million, but Station Casinos summarily rejected the offer, though it was a major focus of their earnings call.