Station Casino bankruptcy

The Fertitta brothers seem to have negotiated a pretty good bankruptcy for themselves. They are keeping all the good properties and they are putting up for auction all of the crappy properties. In addition they will be bidding $722 million as an opening bid. To make matters worse their mother owns the land under one property, and the winner must pay her $75 million for her land. If the Fertitta brothers win they don't have to pay their mother.

The 11 properties being put up for auction are Santa Fe and Texas station, the two Fiesta casinos that were built by George Maloof, and 7 smaller properties (bowling alleys, bars, slot only places).

The original offer last February 2009 from Boyd was for $950 million to include all of the significant properties above, plus Station's 50% share of Green Valley and Alliante Station, plus the Wild Wild West casino and all the land near MGM MIRAGE. Now they will have to pay nearly as much for a whole lot less.

The revenue drop on boulder strip, and North Las Vegas and the rest of the county was terrible in April, indicating that these properties have dropped even further.

People have three weeks to submit bids for the dregs of Station Casinos properties. I am now predicting no bids are received and the Fertitta's will get their property back.

For those of you who like to play locals properties like Joker's Wild and Eastside Cannery. The deals are probably better than ever.

Quote: pacomartin

People have three weeks to submit bids for the dregs of Station Casinos properties. I am now predicting no bids are received and the Fertitta's will get their property back.
For those of you who like to play locals properties like Joker's Wild and Eastside Cannery. The deals are probably better than ever.

There was a blurb in Las Vegas Sun about Stations buying GVR (I think its more buying the half that they did not previously own) and some venture capitalist being in the wings to buy Alliante Station.

Quote: FleaStiff

There was a blurb in Las Vegas Sun about Stations buying GVR (I think its more buying the half that they did not previously own) and some venture capitalist being in the wings to buy Alliante Station.

I saw that article. They are buying out Greenspun Media for their half. The shopping district at GVR is in bankruptcy. Aliante is half owned by Greenspun as well. When they were building that casino, it was 6.5 miles from Santa Fe Casinos and 7.5 miles from Cannery casino and in an area with very low density housing units. They simply were gambling on unstoppable growth.

Quote: pacomartin

They simply were gambling on unstoppable growth.

They lost.

Quote: FleaStiff

They lost.

The "locals market" is currently $2,060,837,258 per year. Dividing by the population of Clark County (1,902,834 in 2009) that is $1,083 per capita.
What is probably more relevant is to divide by housing units in Clark County (672,907 in 2009), that is $3,063 per occupied housing units.

That is basically an automobile payment. So it is almost as if the relatively low paid households in Clark County are paying for another brand new car in gaming losses.

Vegas is different than other cities.
A woman doesn't have to pay for a therapist, she just has to visit one "extra" casino.
So the payments per household are not really all that burdensome.

Quote: pacomartin

What is probably more relevant is to divide by housing units in Clark County (672,907 in 2009), that is $3,063 per occupied housing units.

Or you can look at it as being about $8.40/day Which if you add the comp system of the local casinos doesn't work out being too bad. bad.


BTW your auto payments are $3,063? Not a Kia I am guessing.

Quote: Wavy70

Or you can look at it as being about $8.40/day Which if you add the comp system of the local casinos doesn't work out being too bad. bad.


BTW your auto payments are $3,063? Not a Kia I am guessing.

A total of $3,063 per year is $255.25 per month. Well it would be a cheap car payment.

So will Stations continue to be generous with comps?

The brothers have appaarently been talking to Full Tilt poker and many strike a deal with them in effort to get online poker legalized. If and when they succeed, stations would most likely run full tilt via their stations casino umbrella.... chaching chaching. That may be years from now but inevitably it will happen. Just as casinos have popped up in ever state when gov needed money, so will online gambling in the us become legal... because the gov desparately needs money.

Quote: WatchMeWin

The brothers have appaarently been talking to Full Tilt poker and many strike a deal with them in effort to get online poker legalized. If and when they succeed, stations would most likely run full tilt via their stations casino umbrella.... chaching chaching. That may be years from now but inevitably it will happen. Just as casinos have popped up in ever state when gov needed money, so will online gambling in the us become legal... because the gov desparately needs money.

They have enough locations that they can start by getting authorization to allow people to gamble on the property with their tablet and laptop computers (unlike the dedicated devices used on the strip). Once people get comfortable with this idea, and Station Casinos shows that they have some means of controlling access to gambling device by minors (several ideas on how to do this), then it will be easy to change the locations to anyplace in the state.

I believe a bill just cleared the Senate Judiciary Committee on letting electronic devices be located in casino's hotel-rooms for electronic wagering by adults. Probably a fingerprint scanner on a laptop in your room if you have your finger scanned when you check in or something.

Quote: FleaStiff

I believe a bill just cleared the Senate Judiciary Committee on letting electronic devices be located in casino's hotel-rooms for electronic wagering by adults. Probably a fingerprint scanner on a laptop in your room if you have your finger scanned when you check in or something.

The casinos will still have to survive the lawsuits to show that they have a good system to prevent minors from gambling. Perhaps they will provide fingerprint readers in the rooms.

Will their slots become tighter?

Secret cameras on the device to show who is sitting at the screen??? That might lead to lawsuits and bad publicity.
Prompt log off if the finger was not re-inserted from time to time??

Tighten slots?
How would that be related ?