Station Casinos Finally Succumbs to Chapter 11

Station Casinos has filed for chapter 11 bankruptcy as a result of being unable to reach an agreement with its creditors. The Las Vegas casino company has $5.7 billion of debt, of which bondholders control $2.3 billion. The company hopes the bankruptcy process will enable it to restructure easier, although it may be in for a long slog. Station Casinos was acquired by Colony Capital and Lorenzo and Frank Fertitta III in 2007 for $8.55 billion.