Las Vegas - Station Casinos Enters Chapter 11

http://blogs.wsj.com/bankruptcy/2009/07/29/the-daily-docket-station-casinos-enters-chapter-11/

http://www.bloomberg.com/apps/news?pid=20601103&sid=ac4S_5jCdJIo

http://www.reuters.com/article/LRTOYS/idUSN2819933620090728

http://www.google.com/hostednews/ap/article/ALeqM5gsh7aCMKDwrSa7-uS0Zw1DJv-uLAD99NO9IO1

Wirelessly posted (Nokia N97 / Palm TX: Mozilla/5.0 (SymbianOS/9.4; Series60/5.0 NokiaN97-3/10.2.012; Profile/MIDP-2.1 Configuration/CLDC-1.1; en-us) AppleWebKit/525 (KHTML, like Gecko) WicKed/7.1.12344)

wow..... is Vegas real estate still cheap...?

I've always been skeptical of any casino strategy that targets locals... not that tourist-oriented casino companies are doing much better these days.

wow..... is Vegas real estate still cheap...?

Absolutely... and I wouldn't be surprised at all to see housing prices continue to drop. There is a huge oversupply of houses in the market, and we are still consistently at or near the top of the nation's metros in foreclosure rates.

I've had the misfortune of staying at a Station hotel for a conference. I think I sacrificed a year of my life being there for a week. Never, ever again.

When someone finally givesup on LV, where do they move their family?

I have stayed in two Station casinos on recent stays, and I'm writing from my room in one now. I have no complaints -- surprising, considering the parent company is in Chapter 11. They still have steak in the steakhouse and prime rib at the buffet, and you can still get comps much more readily than at the high-falutin' properties.

I have stayed in two Station casinos on recent stays, and I'm writing from my room in one now. I have no complaints -- surprising, considering the parent company is in Chapter 11. They still have steak in the steakhouse and prime rib at the buffet, and you can still get comps much more readily than at the high-falutin' properties.

Well, the point of the bankruptcy is so Station Casinos can restructure debt. They have been struggling to reach an agreement with debtholders for nearly a year now, which is why the bankruptcy shouldn't be surprising. The worst thing they can do right now is to cut off sources of cash flow, so I wouldn't predict any substantial decreases in service.