Station bankruptcy: what would happen to our points?

[Dean_Case]

Over-leveraged and over-extended, the news for Station casinos is bad, very bad.

Yesterday Station announced it was suspending all contributions into its employees' retirement accounts to "save money" and "avoid more layoffs."

Last week, the news was Station's restructuring of debt to stave off default. The week before, industry anaylists said a Station bankruptcy was likely, and very soon.

My question is this: What will happen to our accrued points if Station goes belly up? Will our points be wiped off the books as an extinguished obligation of the bankrupt company?

Should we all go cash out the points to earn free play now, before the bankruptcy?

Any ideas or recommendations?

[Non-text portions of this message have been removed]

[jackessiebabe]

I have no information as to what Stations will do, but I can
tell you that, in a similiar scenario with United Airlines,
that the outcome was consumer friendly.

My husband and I were high elite status flyers with UAL for 15
years. During that time we accrued a ton of mileage. We were
extremely fearful when they declared bankruptcy, that our miles
would go away. They did not. We didn't lose a single mile.

Unless Staions is going OUT OF BUSINESS, I suspect that players
will keep all of their earned points through their
re-organization under bankruptcy protection laws.

I hope that I'm right for your sake, as well as the sake of all
the other Station's players.
~Babe~

···

===========================================================
-In vpFREE@yahoogroups.com, Dean Case <greatdeals2foru@wrote:

........My question is this: What will happen to our accrued
points if Station goes belly up? Will our points be wiped off
the books as an extinguished obligation of the bankrupt company?

[maclarenv12]

All customers with point balances would be considered unsecured
creditors ...... and could end up with nothing.

I'd suggest using all points ASAP.

Smoke em WHILE you got em.

Over-leveraged and over-extended, the news for Station casinos is

bad, very bad.

Yesterday Station announced it was suspending all contributions

into its employees' retirement accounts to "save money" and "avoid
more layoffs."

Last week, the news was Station's restructuring of debt to stave

off default. The week before, industry anaylists said a Station
bankruptcy was likely, and very soon.

My question is this: What will happen to our accrued points if

Station goes belly up? Will our points be wiped off the books as an
extinguished obligation of the bankrupt company?

Should we all go cash out the points to earn free play now, before

the bankruptcy?

···

--- In vpFREE@yahoogroups.com, Dean Case <greatdeals2foru@...> wrote:

Any ideas or recommendations?

[Non-text portions of this message have been removed]

[VpKing77_vpking77]

Over-leveraged and over-extended, the news for Station casinos is

bad, very bad.

Yesterday Station announced it was suspending all contributions

into its employees' retirement accounts to "save money" and "avoid
more layoffs."

Last week, the news was Station's restructuring of debt to stave

off default. The week before, industry anaylists said a Station
bankruptcy was likely, and very soon.

My question is this: What will happen to our accrued points if

Station goes belly up? Will our points be wiped off the books as an
extinguished obligation of the bankrupt company?

Should we all go cash out the points to earn free play now, before

the bankruptcy?

Any ideas or recommendations?

[Non-text portions of this message have been removed]

Here's my opinion of Station's Casino. They prey on locals who can't
control their gambling habit. They don't service Las Vegas
neighborhoods, they bleed them. It's a great strategy to make money
and I applaud them for that. They make it easy for many workers in
Las Vegas who live paycheck to paycheck to lose their homes,
automobiles and savings. I'm not anti-gambling, it's served me well.
I just don't like Station's way of doing business. Doing whatever it
takes to get their casinos in every nook and cranny of Las Vegas.
What started out as a friendly casino on Sahara offering bargain food
and called the Bingo Palace became a vulture that overtook Las Vegas.
I still remember how they forced their employees to stuff ballots
into the Review Journal so they could win best of categories. How the
mighty have fallen.

···

--- In vpFREE@yahoogroups.com, Dean Case <greatdeals2foru@...> wrote:

[Charles]

And there you have it. Pretty well said. Hmm. I wonder how quickly
Durango Station will be built? Or how about the proposed project on
the current Wild Wild West site?

Not likely anytime soon. My guess is Station is currently paying a
real premium just for operating capital. If MGM/Mirage had to pay
15% for 5 year money, maybe Station has had to pay 20% or higher.
And to libel lawyers scouring the web, note the word "maybe".

What a darn shame (sarcasm implied).

Here's my opinion of Station's Casino. They prey on locals who can't
control their gambling habit. They don't service Las Vegas
neighborhoods, they bleed them. It's a great strategy to make money
and I applaud them for that. They make it easy for many workers in
Las Vegas who live paycheck to paycheck to lose their homes,
automobiles and savings. I'm not anti-gambling, it's served me well.
I just don't like Station's way of doing business. Doing whatever it
takes to get their casinos in every nook and cranny of Las Vegas.
What started out as a friendly casino on Sahara offering bargain food
and called the Bingo Palace became a vulture that overtook Las Vegas.
I still remember how they forced their employees to stuff ballots
into the Review Journal so they could win best of categories. How the
mighty have fallen.

>
> Over-leveraged and over-extended, the news for Station casinos

is

bad, very bad.
>
> Yesterday Station announced it was suspending all contributions
into its employees' retirement accounts to "save money" and "avoid
more layoffs."
>
> Last week, the news was Station's restructuring of debt to stave
off default. The week before, industry anaylists said a Station
bankruptcy was likely, and very soon.
>
> My question is this: What will happen to our accrued points if
Station goes belly up? Will our points be wiped off the books as

an

extinguished obligation of the bankrupt company?
>
> Should we all go cash out the points to earn free play now,

before

···

--- In vpFREE@yahoogroups.com, "VpKing77" <vpking77@...> wrote:

--- In vpFREE@yahoogroups.com, Dean Case <greatdeals2foru@> wrote:
the bankruptcy?
>
> Any ideas or recommendations?

[WP_SF]

I'm not sweating it. They might go 11 (reorganization), but are a long
way from 7 (liquidation).

Like HET, they went private at the absolute top of the market but with
housing prices in LV starting to decline. I think they will survive,
but the local LV market is clearly saturated right now, and I don't
expect those good situations out there to last a whole lot longer.

The real problem is that whatever properties they'd like to sell,
there's no buyer for them right now. Harrahs has the same problem, and
has this conundrum in Mississippi. They'd love to unload the Grand,
but it's not happening, and neither is Margaritaville, certainly not
in 2010.

OTOH, I heard it took almost a week for a 3% mistake at dollars to be
discovered at Alliante. BTW, that's the first setting mistake I've
ever heard of at any Stations in memory. That'll teach you to wait for
those 6x days lol.

Alliante seems to be doing ok business, I didn't realize that many
people lived in Southern Utah lol, but I think Durango should have
been built first. That part of town has a lot more potential right now
and in the future than suburban St. George.

···

--- In vpFREE@yahoogroups.com, "maclarenv12" <ahduff@...> wrote:

All customers with point balances would be considered unsecured
creditors ...... and could end up with nothing.

I'd suggest using all points ASAP.

Smoke em WHILE you got em.

[WP_SF]

Well, what pisses me off about Stations, although they've gotten
better about it, is using the food court and movie theaters as a
breeding ground for new customers, once they turn 21 and can legally
gamble. I've seen way too many teenagers wandering about the Fiesta
Rancho and Texas Station in the past. They can post all the signs they
want, but the reality is what I've seen. Maybe Dancer can teach VP and
21 to high school or college students.

I don't necessarily disagree with VPKing77's commentary, but a lot of
people who come here simply have unrealistic expectations. Most of
them last 6 months and then go back home, poorer but wiser for the
experience. If not the Fertittas, than someone else. I think at the
end of the day, and this is the Republican in me, people have to be
responsible for their own actions.

The Fertittas, I don't mind. Colony Capital? Karmic payback is a
bitch, and they're paying for it in spades for how they handle their
players in Atlantic City (Resorts, Hilton, etc.).

···

--- In vpFREE@yahoogroups.com, "VpKing77" <vpking77@...> wrote:

Here's my opinion of Station's Casino. They prey on locals who can't
control their gambling habit. They don't service Las Vegas
neighborhoods, they bleed them. It's a great strategy to make money
and I applaud them for that. They make it easy for many workers in
Las Vegas who live paycheck to paycheck to lose their homes,
automobiles and savings. I'm not anti-gambling, it's served me well.
I just don't like Station's way of doing business. Doing whatever it
takes to get their casinos in every nook and cranny of Las Vegas.
What started out as a friendly casino on Sahara offering bargain food
and called the Bingo Palace became a vulture that overtook Las Vegas.
I still remember how they forced their employees to stuff ballots
into the Review Journal so they could win best of categories. How the
mighty have fallen.