Xbiz Summer Forum - Getting My Vegas Fix

[InfoGuy]

Originally Posted by Beaver Bob

I hope so.

They are closing down The Joint after this weekend and building a new one. Thats supposed to open up in April.

New construction is Vegas is surprising considering the sharp downturn in the economy and its effects on the casinos. Bloomberg reported that Station Casinos is close to defaulting on its debt and on the brink of bankruptcy.

Station Casinos Proposes Prepackaged Bankruptcy to Cut Debt

Feb. 4 (Bloomberg) -- Station Casinos Inc., the Las Vegas gambling company taken private by management and Colony Capital LLC in 2007, proposed filing for bankruptcy in collaboration with lenders as it struggles to pay the debt from the buyout.

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Station, which promotes its casinos to local gamblers in the Las Vegas area, had trouble paying creditors in a market among the hardest hit by deteriorating home prices and recession- driven job losses. Gambling revenue in Las Vegas last year may have fallen the most on record.