Wednesday Jul 29 2009
Station Casinos files for bankruptcy
By: Brandon Darnell, News Messenger Reporter
Although Las Vegas-based Station Casinos filed for bankruptcy Tuesday, it will not affect the Thunder Valley Casino, which has a contract for management services. That’s what Doug Elmets, spokesman for Thunder Valley Casino and the United Auburn Indian Community, said Wednesday. “It has absolutely no effect on whatsoever on the success of Thunder Valley Casino,” Elmets said. “In fact, the Station Casinos entity that has the management contract until June 2010 with Thunder Valley is not even part of the bankruptcy filing yesterday.” That contract began in June, 2003, according to Elmets, who added that Station Casinos works for the tribe – not the other way around. “We agree that there will be no impact on the management of the casino,” said Steve Art economic and redevelopment manager for the city of Lincoln. Art said that the Thunder Valley Casino has had a positive economic effect in the city, drawing visitors to the downtown area and Lincoln’s restaurants. “They’ve been a real good corporate citizen,” Art said. According to the Wall Street Journal, all 18 of the casinos owned by the company are held in a separate entity from the parent company, which holds the debt. Station Casinos’ debt, according to the Wall Street Journal, is $5.7 billion. Brandon Darnell can be reached by e-mail at email@example.com.