* Fertitta brothers will be largest shareholder
* Confirmation hearing scheduled for Aug. 27-28
(Adds company comment, details of bid)
LOS ANGELES Aug 6 A Nevada judge approved on
Friday a $772 million bid led by current owners Frank and
Lorenzo Fertitta as the "highest and best" offer for most
assets of bankrupt Station Casinos Inc [STN.UL].
The move retains the Fertitta brothers as the largest
shareholder of the Las Vegas-based company, which was founded
in 1976 by their father.
The bid from the Fertittas, Colony Capital and several
banks covers Station's wholly-owned properties, tribal gaming
partnerships and land held for future development, Scott
Nielson, the company's executive vice president said in a
Station Casinos filed for bankruptcy last year after being
unable to pay interest on the debt it took on in 2007 when the
Fertittas and Colony Capital took it private in a $54 billion
Potential rival bidder Boyd Gaming Corp (BYD.N) dropped out
of the auction last week, citing bidding procedures that
Station, which specializes in operating Las Vegas casinos
that cater to local residents rather than tourists, said final
approval of the reorganization could come at a court hearing
scheduled for Aug. 27 and 28.
The company's remaining assets, including joint venture
interests, are undergoing a separate restructuring.
(Reporting by Deena Beasley; editing by Andre Grenon, Bernard