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Fertittas Win Station Casinos Bankruptcy Auction | News

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Fertittas Win Station Casinos Bankruptcy Auction
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LAS VEGAS (AP) -- Station Casinos founders Frank Fertitta III and Lorenzo Fertitta have won approval from a federal bankruptcy judge in Reno to keep ownership of most of the casino company.

U.S. Bankruptcy Court Judge Gregg Zive approved the Fertittas' $772 million bid with its primary lenders and real estate lender Colony Capital as the best offer for the auction of 11 casinos.

Station Casinos Executive Vice President Scott Nielson says the company is looking forward to a new beginning, assuming its bankruptcy reorganization plan is approved in late August.

The proposal gives the holding company that made the bid ownership of the Red Rock Casino Resort & Spa, Palace Station, Sunset Station, Boulder Station and Wild Wild West properties.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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