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by Michael J. Shapiro | March 31, 2010

Under a Chapter 11 reorganization plan filed by Station Casinos last week, the Las Vegas-based company will have a minority stake in and manage a new entity consisting of the Red Rock Casino Resort Spa, Palace Station, Boulder Station and Sunset Station hotel casinos. Station Casino executives Frank Fertitta III and Lorenzo Fertitta reached the agreement with the mortgage lenders of said properties, which would own the majority of the new company. Station's remaining assets, which include 14 properties in the Las Vegas area, will be sold under the supervision of the bankruptcy court. The plan, which is still subject to the approval of the court, would allow Station to emerge from Chapter 11 by year's end.