Las Vegas-based Station Casinos voluntarily filed for Chapter 11 bankruptcy at the end of July after failing to reach agreements with unsecured creditors.
According to the filing, most of the company’s assets are maintained in casino-operating subsidies and affiliates and were not included. Station Casinos is currently working with the Match-E-Be-Nash-She-Wish Band of Potawatomi Indians, otherwise known as the Gun Lake Tribe, to develop a proposed $200m Class III casino project in Wayland Township, Michigan.
Station Casinos spokesperson Lori Nelson said that the Chapter 11 filing will have no impact on the relationship between Station Casinos and The Gun Lake Tribe and they are committed to continuing the Gun Lake casino project.
"This is a global economic issue that has forced us to have to go back and reset our debt," stated chief operating officer Kevin Kelly in an interview with The Las Vegas Sun.
Station Casinos owns and manages 18 casinos and resorts, mostly in Nevada and California. The company announced in February that it may file a prepackaged restructuring deal, but it never reached a deal with creditors.
In January this year, the Gun Lake Tribe announced that the federal government had approved 147 acres of land going into trust for the Wayland Township project. Plans for the facility include a casino with an estimated 2,500 slots and 80 table games. The casino is projected to employ over 1,800 people and create more than 3,100 indirect jobs.
