Enjoy the long weekend and remember what tomorrow is for.
A judge OK’d Station Casinos request to sell 11 of their properties in Las Vegas. Now that they can sell the casino’s who do you think is going to bid for them of the following?
Mentioned as potential bidders are Boyd Gaming Corp, Ameristar Casinos, Penn National Gaming, Cannery Casino Resorts and the Palms.
My money remains on Boyd Gaming, unless they decide to purchase MGM’s half of Borgata in Atlantic City. So, who ya got?
Fiesta
I tend to keep away from corporate casino hotel earnings, but I’ve noticed that there have been a lot of incoming searches for this so I figured that I would round up a bunch of information for those looking.
Each article has is accompanied with commentary. Check Two Way Hard Three‘s thread for non-local comments. Non-locals always have a different point of view.
Lots of news this week mainly consisting of news from the east. My trip to Las Vegas was thisclose to falling through, but it seems as though I’ll make it! I got a little assistance choosing which hotel I should stay at: Palazzo or Planet Hollywood. Thank you!
This trip will be a little different than recent trips to Vegas since I won’t be planning any dinners or events. I’ll just be flying by the seat of my pants since I’m traveling alone.
Here’s the week that was and a bonus link.
Looking back right now, this was one of the busiest weeks on ECG!
The bonus link is to a story about Morgan Stanley pulling the plug on their investment in Revel in Atlantic City. They’ve lost a bunch of money and I’m not sure exactly what this means, but it can’t be good.
Station Casinos bankruptcy reorganization is taking place and it’s what most should have expected. They’re going to sell off some assets to cover their debt.
Station Casinos Inc. filed a reorganization plan in its bankruptcy case Wednesday proposing the sale of its interests in certain land holdings and 13 of its 18 gaming properties.
…The plan, if approved, would lead to the sale of the remaining company assets.
The assets include Indian casino management contracts as well as Texas Station, Santa Fe Station, Fiesta Rancho, Fiesta Henderson, Wildfire Rancho, Wildfire Boulder, the Gold Rush, Lake Mead Casino and the company’s 50 percent interest in Green Valley Ranch Resort, Aliante Station and the smaller Barley’s, the Greens and Wildfire Lanes.
The founding family of Station Casinos, The Farittas’, will still maintain management and a 50% share of the following 5 properties.
Court records show the Fertittas and Colony Capital would pay $85.6 million for a 50 percent stake in the new company holding Red Rock, Palace Station, Boulder Station, Sunset Station, the Wild Wild West and certain land holdings — and that company would assume $1.6 billion in mortgage debt. The Fertittas would manage these five properties.
The properties that are up for sale aren’t very exciting, but would allow a new company the ability to enter the Las Vegas marketplace or allow an existing company the ability to easily grow.
It’s interesting that the Ferritas family would be able to regain some control over the properties that seem to make money. It will be interesting to see how the new company and properties are marketed when the dust settles.
Las Vegas Sun has much more info on the specifics of the deal.
Here’s ECG’s Week In Review. This was a pretty busy week as I finally got up most of my Harrah’s Trip Report. Let’s take a look back.
Weekend of Gambling in Atlantic City
Station Casinos Files for Chapter 11
Weekend of Gambing in Atlantic City – Video Poker
Gambling in Atlantic City – 3 Card Poker
Catching up with Casino Stocks
Steve Wynn, I Call BS! – In the running for headline of the year. 
Hard Rock Hotel Opens Fantasy Tower
Gambling in AC – Slot Machines
That marks the end of a very busy week for ECG. I don’t think I’ve had this many posts in any week since I started the blog. Nice!
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