Fertittas to Get Majority Share of Station Casinos

Fertittas to Get Majority Share of Station Casinos

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LAS VEGAS (AP) -- Members of the family who founded Las Vegas-based Station Casinos have agreed to pay $73 million to buy shares held by JPMorgan Chase Bank, giving the family a controlling interest in the casino operator.

Station Casinos said in regulatory filing on Monday that Frank Fertitta III and Lorenzo Fertitta agreed to buy the shares last week. JPMorgan Chase had a roughly 15 percent stake in Station Casinos when Station emerged from bankruptcy last year.

The Fertittas have paid $273 million for a roughly 60 percent stake in the restructured company.

The company says the deal is contingent on getting approval from gambling regulators in Nevada.

The company filed for bankruptcy protection in 2009, with debt of $5.9 billion. The company shed almost $4 billion of that debt.

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