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 has won final approval from the Nevada Gaming Commission.
Under the private-equity buyout, the largest yet of a Nevada gambling company, brothers Frank Fertitta III and Lorenzo Fertitta, top executives of Station Casinos Inc., are joining with California-based Colony to form Fertitta Colony Partners.
The new entity 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
The takeover, which should close at the end of the month, also is subject to approval by the National Indian Gaming Commission since Station manages a major Indian resort, Thunder Valley Casino, near Sacramento, Calif.
(Copyright 2007 by The Associated Press. All Rights Reserved.)