Report: TPG, Apollo poised to take control of Aliante Casino
TPG Capital and Apollo Global Management LLC are among the creditors poised to take over Aliante Station, according to a published report.
Bloomberg News reported Wednesday that an agreement could be reached as soon as next week and would hand over the resort to its creditors at a fraction of the property's original cost.
Aliante, which is owned by Las Vegas-based Station Casinos Inc. and Greenspun Corp., cost $662 million to build. The hotel-casino, which includes more than 2,000 slot machines, a poker room, and race and sports book, opened in November 2008.
The negotiations with their creditors began after the joint venture defaulted on loans due next year.
A Station spokeswoman declined to comment.
Station Casinos filed Chapter 11 in July 2009 after a leveraged buyout by its founding Fertitta family and Colony Capital LLC. Station was expected to exit bankruptcy protection this year.
Representatives of Fort Worth, Texas-based TPG Capital and Apollo Management in New York declined comment Wednesday when contacted by the Las Vegas Review-Journal.
The restructuring of Aliante is separate from Station Casinos' bankruptcy. Bloomberg News reported that Station Casinos would continue to manage Aliante under the proposed agreement.
Station's second venture with Greenspun, Green Valley Ranch, is also restructuring. The $550 million resort opened in December 2001.
Contact reporter Chris Sieroty at csieroty
@reviewjournal.com or 702-477-3893.
