Station Casino Inc., headquartered in Las Vegas, Nevada, which filed for bankruptcy protection, is another victim of the gambling industry, a lucrative industry once brought to its knees by the recession. Station's application is the downfall of one of Nevada's oldest and best-known companies.
Despite the considerable amount of time invested in trying to reach an agreement with all the creditors, no agreement has been reached. About 40% of the company's $5.7 billion debt is managed by bondholders. Without some sort of agreement with bondholders, bankruptcy proceedings can be lengthy, but all lenders agree to the decision to file for bankruptcy. After months of negotiations, they all hope to resolve the issue of remaining court proceedings.
The station's 18 casinos are not included in bankruptcy. The entire debt is held by the parent company, Station Casino. All casinos will remain open. The company will be able to secure $150 million in funding from subsidiaries, not casinos.
The station joins a number of casino companies that have filed for bankruptcy this year. Some smaller companies, such as Las Vegas Tropicana and Trump Entertainment Resort in Atlantic City, have already filed for bankruptcy this year. Some large companies, such as Las Vegas Sands, MGM Mirage and Haras Entertainment, are struggling to reduce debt and cut costs as the downturn causes businesses to decline. 바다이야기
Founded in 1976 as a single casino, stations originally provided food to budget-minded gamblers and Vegas locals. In recent years, they have developed luxury resort casinos off the Vegas strip.