Station Casinos To Pay $150 Million In Debt

Station Casinos LLC of Las Vegas announced today that they have plans to pay off  $150 million in debt. Thanks to a financing deal for one of Station Casinos Indian gaming partners, they can do this.

Station Casinos is the largest operator of local casinos in Las Vegas. They own 17 Southern Nevada properties, as well as have Indian casino management deals, and even a deal with the Graton Tribe for a large casino resort that is currently in development, close to San Francisco.

Yesterday, local opposition continued against the casino, tribe, and Station Casinos. $850 million in financing for the casino in development was finalized, and the blended interest rate is 9.6 percent. Financing is set to close on August 22, 2012, and plans show that the casino will open late in 2013.

Station Casinos has a huge debt load, at $2.3 billion. With this new financing, they can pay off quite a bit of debt. By paying off some of their debt now, their interest costs will actually reduce, and that will result in an improvement in cash flow for the company.

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