Station Casinos
News Coverage of Gun Lake Casino Plans
From the K’zoo Gazette:
Plans for the Gun Lake Casino are quietly edging forward, despite what appears to be an impending bankruptcy filing by Station Casinos Inc., the company hired to manage its construction and operation.
The Gun Lake Band of Pottawatomi is on track to release a schedule for groundbreaking, construction and hiring sometime this spring, according to those familiar with the situation.
The tribe declined to comment this week when asked about the status of the $200 million project, but it has said Las Vegas-based Station Casinos’ problems are not hindering the project.
Gun Lake Band’s Gaming Development Partners Seeking to Restructure
From Station Casinos:
Company Elects Not to Make $14.6 Million Interest Payment On Subordinated Notes As It Launches Plan
Preliminary Fourth Quarter Results Show a 19% Revenue Decline and an Operating Loss of Approximately $2 Million (excluding anticipated impairments); Company Confirms Cash Position of Approximately $350 Million
LAS VEGAS, Feb. 3 /PRNewswire/ — Station Casinos, Inc. (“Station” or the “Company”) today announced that it is soliciting votes from its bondholders in favor of a restructuring plan that the Company’s equity sponsors and lead senior secured lenders have already agreed to support. As part of the restructuring plan, the Company and certain affiliates are offering the bondholders a combination of secured notes and cash in exchange for their outstanding bonds. The purpose of the restructuring plan is to significantly reduce the outstanding principal amount of indebtedness and cash interest expense of the Company.
Turtle Talk 