Fertittas win Ch. 11 auction for Station Casinos properties uncontested; will own with lenders

Fertittas win Station Casinos bankruptcy auction

LAS VEGAS — Station Casinos founders Frank Fertitta III and Lorenzo Fertitta have won approval from a federal bankruptcy judge in Reno to keep ownership of most of their company.

At issue was ownership of 11 casinos in Nevada.

U.S. Bankruptcy Court Judge Gregg Zive approved a $772 million bid for them from the Fertittas and their primary lenders and Colony Capital as the best offer. It also was the only qualified offer after rival casino operator Boyd Gaming last week dropped its pursuit of Station’s assets.

Station Casinos Executive Vice President Scott Nielson says the company is looking forward to a new beginning, assuming that other elements of its bankruptcy reorganization plan are approved in late August.