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The bankruptcy auction, held this Friday, was won by a group endorsed by Frank and Lorenzo, sons of Frank Fertitta, the founder of Las Vegas Station Casino.

Judge Gregg Zive, approved that the stalking horse bid from the group, led by the founding family, was worth $772 million. He also confirmed the fact that this bid was the best ever from a debtor’s side till date.

This is definitely a big step towards wiping out the huge amount of debt that the company owes.  As pointed out by a Wall Street Journal, this approval may take the bankrupt Station Casino out of the debt quite soon and the company seems to be in full control of its founding family.

However, during this whole process of bankruptcy proceedings, the Fertittas had to come across several confrontations from its major rival company, the Boyd Gaming Corporation.

The Boyd Gaming Co. has been bidding from the last eighteen months in order to acquire a significant portion of Station Casino’s assets. However, after this Friday’s court decision, Keith Smith, CEO of Boyd Gaming, strictly mentioned in a statement that he is no more interested in participating in any of the bidding process at the bankruptcy auction.

According to him, the bidding procedure was not fairly conducted and there was a great favor for the station insiders. However, operators of Station Casino denied these allegations.

Station Casino was founded in the year of 1976 by Frank Fertitta. He started with a single casino and today owns 11 casinos all over Las Vegas. Founder’s sons, Frank and Lorenzo, made  the company’s capital reach a whooping $8.8 billion in 2007.

With the recession hitting the market, there was a tremendous downturn in the whole country. It was just when the fate of the company began to change. It was during the last summer, when the company founders finally filed a bankruptcy.

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