A bankruptcy judge has ruled that the Fertitta family will retain ownership of most of the assets of Station Casinos, Inc.
This was not really unexpected but I have to wonder - is this what 'should' have happened?
Clearly the Fertittas created a powerful empire over the last 20 years in Las Vegas but at the same time, they're at least partially responsible for the mess that the company is in now. Of course, the economy took a dirt nap in 2007 but it was their policies that left the company exposed and vulnerable, leading to a bankruptcy filing that wiped out billions of investor dollars.
If Boyd Gaming is to be believed, the bidding process heavily favored the insiders, partially due to some fine print related to the land under Texas Station. What really amazes me is that Colony Capital stuck by these guys through this whole thing given how much money they lost.
Even if it seems a bit slanted, it's hard not admire the ruthlessness of the Fertitta brothers in this whole thing. Where else but Vegas can you lose billions and end up on top? Ok, I guess Wall Street... and Washington... and maybe across the Valley at CityCenter... oh well.