Station Casinos to auction off some resorts

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RENO (AP) - A federal bankruptcy judge has approved plans by Station Casinos Inc. to auction off 11 of its gambling properties to satisfy some creditors.


Judge Gregg Zive on Friday set a July 30 deadline for bids and says he will conduct the auction Aug. 6 in Reno.


Zive also approved plans to split the 18-casino company into two entities.


As part of the reorganization, the Las Vegas-based company will place the 11 casinos - including Texas Station, Santa Fe Station and the two Fiestas - up for auction as one entity.

Station Casinos filed for Chapter 11 bankruptcy protection last July, listing $5.9 billion in debt.


Under the proposed reorganization plan, two major creditors would join with casino operators to hold on to five of the company's largest resorts.

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