July 28, 2009 7:37 PM
- Text
Station Casinos Files Chap. 11
(MoneyWatch) Station Casinos Inc., unable to come up with an agreement with creditors, said it filed Chap. 11 bankruptcy reorganization petitions in Reno, Nev. today.
According to a press release, Station said it remained a money-making enterprise but its crushing $5.7 billion debt load is making it difficult to continue operations.
Not surprising to hear, especially considering most casinos and resorts are having the same problem. So far, Station said that its 18 casinos and resorts will operate normally and employees aren't scheduled to be laid off.
I'm sure all of that will change as soon as they are able to reorganize and can come up with money to alleviate the crisis. (And probably more than the $150 million they have supposedly can get quickly.) This financial problem, with a lack of available credit, can only get worse.
According to a press release, Station said it remained a money-making enterprise but its crushing $5.7 billion debt load is making it difficult to continue operations.
Not surprising to hear, especially considering most casinos and resorts are having the same problem. So far, Station said that its 18 casinos and resorts will operate normally and employees aren't scheduled to be laid off.
I'm sure all of that will change as soon as they are able to reorganize and can come up with money to alleviate the crisis. (And probably more than the $150 million they have supposedly can get quickly.) This financial problem, with a lack of available credit, can only get worse.
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