Station Casinos' planned merger clears one more approval hurdle

By Lisa Kerner

Charlotte, N.C., Oct. 18 - The Nevada Gaming Commission approved the proposed acquisition of Station Casinos, Inc. by Fertitta Colony Partners LLC and its subsidiary FCP Acquisition Sub.

The commission followed the recommendation of the Nevada Gaming Control Board, which considered the transaction in a meeting held Oct. 4, a company news release stated.

Station stockholders approved the Feb. 25, 2007 merger agreement, which gives them $90 cash per share, at a special meeting in August.

The transaction, valued at about $8.8 billion, is slated to close near the end of October, pending approval by the National Indian Gaming Commission.

As previously reported, Station Casinos chairman and chief executive officer Frank J. Fertitta III and vice chairman and president Lorenzo J. Fertitta formed Fertitta Colony, which includes Colony Capital Acquisitions, LLC, an affiliate of Colony Capital, LLC.

Colony Capital is a Los Angeles private investment firm specializing in real estate-related assets and securities.

Station Casinos is a Las Vegas gaming and entertainment provider.

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