Station Casinos
Status: Seeking approval for pre-packaged bankruptcy.
Revenue: $1.3 billion
Debt: $5.8 billion
Summary: The gaming industry has had a tough year, but Station's problems also stem from being overleveraged. Its owners, Colony Capital and the Fertitta family (which also owns Houston-based Landry's Restaurants), took Station private near the top of the market. When cash flow came to a halt, the company found itself awash in debt. It also lost customers to a new competitor on the Boulder Strip in East Las Vegas, and cannibalized its own business with a new development, Aliante Station.
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