Station Casinos Goes Bankrupt
Station Casinos
Station Casinos, a Nevada based gaming company, has filed for bankruptcy in an effort to restructure debt. The company is believed to have filed for Chapter 11 bankruptcy after talks with creditors broke down.
While Station Casinos owns a variety of casinos in the Nevada area, which are geared towards locals instead of tourists, it’s believed these will be safe and it’ll only be the company which is included in the Chapter 11, not any of their operating casinos.
The filing has suggested that the company can borrow “as much as $150 million from a non-operating unit”, but the main reason behind Station filing for bankruptcy is to enlist the court’s help with restructuring the ailing company, which is $6.5 billion in debt. However, it’s believed that the filing will buy the company time and allow them to restructure their aforementioned debt, by utilising their $5.7 billion in assets.
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