Las Vegas Sun

September 2, 2015

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New owners approved for Aliante casino

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Justin M. Bowen

Aliante Station

CARSON CITY — The 880 employees will stay at the once-bankrupt Aliante Station Casino in North Las Vegas when the new owners take over.

And Station Casinos will continue to manage the property.

The Nevada Gaming Commission approved the deal of nine banks and three private equity companies becoming the new owners. They loaned more than $400 million for the construction and start of the hotel-casino.

Commission Chairman Peter Bernhard said there “is a reasonable probability that this property will be successful,” in the future. But other commissioners wished them luck and said they might need it.

The new owners are taking over the equity held by Station Casinos and the Greenspun family, owners of the Las Vegas Sun.

Each of the banks will hold less than 10 percent, said Dan Reaser, a lawyer who made the presentation to the commission. The equity companies are Apollo Management, Texas Pacific Group and Standard General who will hold a total of 60 percent of the business.

The trade creditors are 100 percent paid off, said Reaser.

This is Standard General’s first venture into Nevada gaming. Apollo and Texas Pacific already own Caesar’s Entertainment and Harrah’s.

There will be a management team consisting of James Coulter, Eugene I. Davis, Soohyung Kim and Ellis Landau to oversee the property. The major decisions at the Aliante will be left to them.

Reaser said the new company Alst Casino Holdco. should have approval by the end of November of its registration business with the Securities and Exchange Commission.

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