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Gaming Guru

Tim O'Reiley
 

Bankruptcy case for Aliante Station closes

23 October 2012

LAS VEGAS -- The Chapter 11 case of Aliante Station formally closed last Wednesday.

Although the reorganization plan was approved in May 2011, turning over ownership to lenders owed $378 million, legal cleanup work has continued since then.

Other parts of the Station Casinos bankruptcy are also moving toward what is termed a final decree.

The case was a prepackaged deal, where terms were worked out, and enough of the parties committed to vote in favor of it. As a result, the bulk of the in-court work was finished in about two months.

Nevertheless, it was not cheap. Fees for financial advisers and attorneys totaled $1.4 million with another $44,000 for various out-of-pocket expenses.

With 202 rooms and 2,000 slot machines at 7300 N. Aliante Parkway in North Las Vegas, Aliante Station opened in November 2008 as the economy was sliding.