Station Casinos Buyout Set to Close This Week

LAS VEGAS-Publicly held Station Casinos Inc. is expected to be taken private early this week by Fertitta Colony Partners LLC, a joint venture of the Fertitta family that started the company and Los Angeles-based Colony Capital, which owns the Las Vegas Hilton. The $8.9-billion transaction–the largest ever private-equity buyout of a Nevada gaming company–calls for the JV to acquire $5.4 billion of stock and assume $3.4 billion in debt.

Station Casinos owns and operates a dozen casinos serving mostly locals in the Las Vegas Valley, including the Red Rock Casino Resort and Spa. Under the terms of the buyout, holders of Station common stock will receive $90 per share in cash for each outstanding share and the company’s stock will immediately be delisted from the New York Stock Exchange. On Friday shares traded at about 25% of average volume and ended the day at $89.83.