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Posted: 12:44 PM Feb 7, 2012
Fertittas to Get Majority Share of Station Casinos
Members of the family who founded Las Vegas-based Station Casinos have agreed to pay $73 million to buy shares held by JPMorgan Chase Bank, giving the family a controlling interest in the casino operator.
Reporter: AP Email Address: news@kolotv.com |
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LAS VEGAS (AP) - Members of the family who founded Las
Vegas-based Station Casinos have agreed to pay $73 million to buy
shares held by JPMorgan Chase Bank, giving the family a controlling
interest in the casino operator.
Station Casinos said in regulatory filing on Monday that Frank
Fertitta III and Lorenzo Fertitta agreed to buy the shares last
week. JPMorgan Chase had a roughly 15 percent stake in Station
Casinos when Station emerged from bankruptcy last year.
The Fertittas have paid $273 million for a roughly 60 percent
stake in the restructured company.
The company says the deal is contingent on getting approval from
gambling regulators in Nevada.
The company filed for bankruptcy protection in 2009, with debt
of $5.9 billion. The company shed almost $4 billion of that debt.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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