The CEO of Station Casinos Inc, Frank J Fertitta III, has assured Guests, Team Members and Business Partners that following the company’s filing for Chapter 11 bankruptcy protection normal operations will continue during the financial restructuring of the parent company. None of Station’s casinos and resorts was included in the voluntary filings and they will continue as usual under the existing management team.

Fertitta writes, “As has been the case with many other fine companies during these difficult economic times, we have found it necessary to take unprecedented steps to preserve and ultimately strengthen our company. To facilitate the debt restructuring at the parent company level and with the support of our senior secured lenders, our parent company and certain non-casino subsidiaries have filed petitions to reorganize under Chapter 11 of the U.S. Bankruptcy Code.”

The bankruptcy filing came after months of talks failed to achieve an agreement between Station and unsecured creditors. The court must now assist in the restructuring of the debt. Station says it has US$5.7 billion in assets and a total US$6.5 billion of debt, and that all its casinos generate a positive cash flow. In 2007 Station was taken private by Colony Capital LLC.

According to Fertitta, the company intends to remain a stand-alone company and has sufficient cash available to continue normal operations at its casino resorts without making slot machine payouts tighter! “As always, our slot machine payouts remain among the highest in town and in the gaming industry. We will continue to have the best and newest gaming products on our casino floors. Our 18 casinos and resorts are open and ready to continue to provide you with the exceptional gaming, dining and entertainment experiences you have come to expect from Station Casinos.” (E-07.29.08)

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