Green Valley Ranch manager files for bankruptcy

By Steve Green

Published Thursday, Feb. 11, 2010 | 11:41 a.m.

Updated Thursday, Feb. 11, 2010 | 4:41 p.m.

The Station Casinos Inc. subsidiary that invested in and manages Green Valley Ranch resort in Henderson filed for bankruptcy protection on Wednesday.

The Green Valley Ranch hotel-casino itself did not file for bankruptcy.

The filing was made by GV Ranch Station Inc. and listed assets of $100 million to $500 million against liabilities of $10 million to $50 million.

Station Casinos and several subsidiaries filed for bankruptcy reorganization last summer after the recession reduced revenue at Station's locals properties.

Since Station Casinos — parent of GV Ranch Station Inc. — is already operating under bankruptcy protection, Wednesday’s filing wasn’t expected to affect operations at the property.

"The filing of this entity is part of the overall Station Casinos reorganization," Station Casinos spokeswoman Lori Nelson said. "Green Valley Ranch Resort, the property itself, is not in bankruptcy. Therefore, there will be no impact to the property, team members, guests and vendors."

Nelson said the company would have no further comment on why the subsidiary filed for bankruptcy protection.

The Green Valley Ranch hotel-casino is a joint venture between Station Casinos and affiliates of The Greenspun Corporation.

The filing listed three unsecured creditors -- all associated with Station -- but didn’t say how much they were owed. They are Station Casinos Inc., Vista Holdings LLC and Green Valley Ranch Gaming LLC.

Station has disclosed in regulatory filings that in addition to its 50-percent ownership stake in the 496-room resort, it receives as the managing partner a management fee of 2 percent of the property's revenue and about 5 percent of its earnings before interest, taxes, depreciation and amortization.

That’s the same arrangement Station has with The Greenspun Corporation for their Aliante Station joint-venture hotel-casino in North Las Vegas.

The Greenspun holdings also include the Las Vegas Sun and the District at Green Valley Ranch, an open-air shopping center east of the Green Valley Ranch hotel-casino at Interstate 215 and Green Valley Parkway.