What Happens in Vegas: Station Casinos Files for Bankruptcy

Image of Viva, from Vegas Today and Tomorrow

If you visit Las Vegas, you might not be aware of "locals casinos." Many people who visit here often don't venture far from the strip, which is actually in the township of Paradise, and not in Las Vegas at all. I even remember flying home to Vegas one time, and overhearing a woman who was pointing to the ground. She exclaimed, "Look at all of those houses down there! What are they for?"

Those of us who live here in the valley (despite most of it not actually being Las Vegas, we call it that anyway), try to stay far, far away from the strip. If we do have a gambling itch, we head off to a locals casino, like Silverton, South Point, Orleans, or SunCoast. They're typically smaller, and infinitely more accessible. The largest chain of local joints is Station Casinos, a company whose holdings rival that of the "big boys" like Harrah's and MGM/Mirage. In recent years, they've expanded into a more upscale market, which I wouldn't have believed when they consisted of mainly the dumpy Boulder Station, and the dumpier Palace Station.

They went mid-range with Sunset Station, bought Texas Station and the Fiestas. Then they built Green Valley Ranch Station, which was by far swankier than the rest. And when they built Red Rock, they got so up-market, they even dropped the "Station" moniker. Add to this other expansions and planned expansions all over the valley (including the projected mega-project, Viva), then the economy happened. And Station has finally hit the brakes. They pledge that their properties and employees won't notice a difference, and I really hope that's true. They started out sort of an underdog, and turned into an amazing success. Here's hoping that it's a minor setback in the scheme of things.

[Excerpt]

Station Casinos files for Chapter 11

Las Vegas locals gaming leader Station Casinos Inc. and certain subsidiaries filed for a standard Chapter 11 bankruptcy reorganization Tuesday after Station was unable to reach agreement with creditors on a prepackaged bankruptcy deal. . .

Read more at: Las Vegas Sun