***Stations Casinos Bankruptcy Continues***

[Safari_Punch]

From our good friends at Mmapayout.com.

Enjoy!

Station Casinos Bankruptcy Saga Continues : MMAPayout.com: The Business of MMA

Station Casinos Bankruptcy Saga Continues

November 27, 2009

Steven Church of Bloomberg reports on the latest developments regarding the Station Casinos bankruptcy process, which has been unfolding over the last several months.

Station Casinos Inc. doesn’t need an examiner to investigate how the company is handling its bankruptcy, the judge overseeing the case said, rejecting part of the takeover strategy pursued by Boyd Gaming Corp.

U.S. Bankruptcy Judge Gregg Zive said at a hearing in Reno, Nevada, that Boyd and other advocates of an examiner appeared to really want a trustee to take control of the company’s bankruptcy case, especially with regard to any potential sale. Zive delayed until Dec. 11 a decision on a related request to end the exclusive right of Station managers to propose a plan to reorganize the Las Vegas-based gambling company.

Payout Perspective:

Station Casinos, owned and founded by the Fertitta family, has been working with creditors since February to restructure nearly $6.5 billion in debt. But in July the corporation filed for bankruptcy.

Now, the Fertittas are fighting to retain exclusive control over the company, and prevent third parties – like Boyd Gaming or other creditors – from establishing competing reorganization bids. We’ll know in the coming weeks whether they’re successful.

There have been rumours in recent months that if things continue to go south at Station, Frank Fertitta Jr. could follow in Lorenzo’s footsteps and join Zuffa in some capacity.

Written by Kelsey Philpott · Filed Under Station Casinos, financial
Tagged:

[Enmascarado]

Holy Shit, so a corporation that is owned by the same people that own the UFC is in trouble? Wow, that almost means something!

[EIW]

Originally Posted by Enmascarado

Holy Shit, so a corporation that is owned by the same people that own the UFC is in trouble? Wow, that almost means something!

It doesn't mean anything.

[Safari_Punch]

Thanks for the heads up, business majors.

[Corey Roberts]

Who would of thought in january 2001 when the fertitta's bought the UFC for 2 million dollars that it'd be their saving grace and earn more than station casino's.

[Substance Abuse]

Originally Posted by Corey Roberts

Who would of thought in january 2001 when the fertitta's bought the UFC for 2 million dollars that it'd be their saving grace and earn more than station casino's.

I know that's the point, but no one did. Not even themselves. They love them some Dana White right now.

[Ronwah]

So what does this mean, if anything for Zuffa?

Give it a year or two and idiots will be back in casinos all over the world.

[Safari_Punch]

Station's has been losing money for YEARS.

Gamblers would rather lose their money somewhere else.

As far as Zuffa goes, it raises some interesting questions. If they're rolling in as much money as people seem to think they are, then why is Shane McMahon and Carl DeMarco being given a chance at getting a chance to get an ownership stake with the company? Has the company stretched themselves so thin financially going globally and not getting deals done in new markets, that they have no choice but to bring in outsiders? It would seem like the Ferrtitas have pissed away dad's money and all they have left is the UFC - which doesn't have a very long track record of success.

Inquiring minds.

[Big Tuppy Hole]

Safaris loving this shit, hes hoping and praying the UFC goes under

[Ronwah]

A privately owned company like Zuffa, it's almost inevitable that at some point they will cash in by bring in new investment or going public.

As much as the UFC is the market leader in MMA, they can't afford to stand still. If Shane McMahon can secure global deals for them, they need to consider it. DW likes to publically dismiss SF and the rest of the competition but he isn't stupid enough to privately underestimate them.