Search
 

Station Casinos Buyout Set to Close This Week

LAS VEGAS-The $8.9-billion privatization will give Los Angeles-based Colony Capital, which also owns the Las Vegas Hilton, a 75% stake of the heretofore public gaming company.

By Brian K. Miller | Updated on October 28, 2007

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.