A complex $8.9 billion stock buyout-debt assumption of Station Casinos by members of its founding Las Vegas family and real estate investment firm Colony Capital was endorsed by the Nevada Gaming Control Board.
Under the takeover deal, brothers Frank Fertitta III and Lorenzo Fertitta, top executives of Station Casinos, are joining with California-based Colony to form Fertitta Colony Partners, which will take over Station's 12 casinos in the Las Vegas area and other interests.
The buyout includes a nearly $5.5 billion offer for Station stock plus an assumption of $3.4 billion in debt. It's the largest private-equity buyout yet of a Nevada gambling company.
Stockholders approved the plan in mid-August.
The board's unanimous recommendation goes to its parent state Gaming Commission, which will have final say at an Oct. 18 meeting.