With a new forbearance agreement, Station Casinos has been able to extend until May 15 the voting deadline on a bankruptcy reorganization plan that was first introduced in February.

Company bondholders now have until the middle of May to decide whether they will approve the proposed prepackaged program that could reduce the company’s debt by nearly $2 billion.

The extension is the second that Station Casinos has sought since announcing its reorganizing plan. In March, the company asked for more time to negotiate its restructuring plan.

That extension came after locals casino operator and Station’s primary competitor in Las Vegas, Boyd Gaming, made an offer to acquire a number of casinos, including Santa Fe Station, Texas Station, Wild Wild West and a 50 percent interest in Aliante Station and Green Valley Ranch Resort (both 50-50 ventures between Station and Greenspun Group).

Station has dismissed Boyd’s offer, saying it is better off with the prepackaged bankruptcy plan. Boyd has said it remains interested, but neither company has offered any additional comments on the offer.

Frank Fertitta, chairman and CEO of Station Casinos, said the prepackaged plan is better for the company, its team members and the community as a whole.

Station Casinos is also cleaning house—the Las Vegas-based gaming company is selling off pieces of land it owns in various places across the city.

The list of real estate is an odd mix—the old Castaways site on Boulder Highway is up for grabs, as is 36.61 acres in North Las Vegas and land adjacent to both Boulder Station and Sunset Station.

It is uncertain if any offers have been made on the listings, which could net the company millions of dollars if sold.

By Casino Connection Staff