A week after Nevada gaming regulators approved its initial public offering plan, Station Casinos said market conditions are not right, and it will not go forward with a planned stock sale in June.
Station Casinos formerly was a publicly traded company, but a private equity group and Frank and Lorenzo Fertitta bought it in 2008 and ended trading of company shares, which had occurred since 1993.
Station Casinos undertook a Chapter 11 bankruptcy reorganization in 2009, and emerged in 2011, after Deutsche Bank acquired 25 percent of the company in exchange for holding $1 billion in company debts.
Since emerging from bankruptcy, Station Casinos has performed well, with its locals-focused casino business seeing increased visitation at its Nevada casinos, while revenues from management operations and casinos in other states helped to boost company revenues.
Since emerging from bankruptcy in 2011, Station Casinos reported 18 straight quarters of increased cash flow and the company’s largest net revenues since before the Great Recession began.
With the company doing well, it applied to initiate a public offering in June, but opposition from the Culinary Workers Union, which has been trying to organize Station Casino workers for years, and market conditions have caused Station Casinos to delay the public offering with no announced date for a potential retry.
