Station Casinos Voluntarily Files Chapter 11
Petitions to Restructure Its Debt
JULY 29, 2009 - Station Casinos, Inc. (the "Company") announced today that it and certain of its non-casino subsidiaries filed voluntary petitions to reorganize under Chapter II of the United States Bankruptcy Code in Reno, Nevada. Pursuant to an agreement with the Company's senior secured lenders, none of the Company's casino operating subsidiaries or affiliates were included in the Chapter 11filings and the Company will continue normal operations at all of its properties under the direction of its existing management team. In addition to cash generated from its operating subsidiaries and affiliates, the Company has in place an agreement with its senior secured lenders that~ subject to court approval, permits it to borrow, as needed, up to $150 million of cash from one of its non-operating subsidiaries.
"Station Casinos is a great company and our 18 casinos and resorts continue to generate positive cash flow, but the global recession has severely impacted our company, just as it has every other company in the gaming industry. The restructuring of our debt will provide us with the financial flexibility necessary to meet the challenges of the current economic environment. Equally important, it will provide the resources necessary for us to continue to invest in our properties, take advantage of opportunities as they arise and ultimately enable us to emerge as a stronger company," said Frank J. Fertitta III, Chairman and Chief Executive Officer of Station Casinos.
"All of our casinos will continue to operate as usual and we will continue to provide our guests with the same great value and entertainment choices they have always enjoyed a tour properties," said Kevin Kelley, Chief Operating Officer of Station Casinos. "From our loose slots, to honoring points earned in our Boarding Pass program, to our great promotions and contests--like our upcoming Great Giveaway Football Contest, it's business as usual at Station Casinos," Kelley said.
"Just as importantly, our Team Members will see no difference in their jobs. We greatly value our Team Members and will do everything we can during these difficult economic times to reward them for their excellent performance," Kelley said. " It's no accident that Station was recognized by FORTUNE Magazine as one of the '100 Best Companies to Work For' in 2005, 2006, 2007 and 2008. We are committed to our Team Members, iust as they are committed to us and to meeting the needs of our guests."
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