The filing said the company had 510 holders of unsecured and subordinate debt totaling $4.4 billion. Station Casinos' filing listed $5.7 billion in assets against $6.5 billion in debt. On July 28, 2009, Station Casinos filed for Chapter 11 bankruptcy. Colony Capital contributed $2.6 billion for a 75% share. Sartini, her husband, with a combined investment of $870.1 million, purchased a 25% stake in Fertitta Colony Partners. The Fertitta brothers, their sister Delise Sartini, and Blake L. On December 4, 2006, Fertitta's sons, Frank Fertitta III and Lorenzo Fertitta, and Colony Capital LLC, operating as Fertitta Colony Partners, made a highly leveraged offer to purchase all existing shares at $82 per share and take the company private.

In 2005, there were plans to develop 2 casinos in Reno: Station Casino Reno and Mount Rose Station. Its first casino was the Bingo Palace, which was later renamed Palace Station. The company started out as a locals casino operator on July 1, 1976, founded by Frank Fertitta Jr. ( Nasdaq: RRR) is a publicly traded holding company that owns a portion of Station Casinos. Station Casinos has also branched out into managing casinos that they do not own. There are only a limited number of such sites available in the Las Vegas area. The company purchased several sites that were gaming-entitled, meaning that major casinos can be built at that location without additional approvals. Station Casinos, along with Affinity Gaming, Boyd Gaming and Golden Entertainment, dominate the locals casino market in Las Vegas. Station Casinos, LLC is an American hotel and casino company based in Las Vegas suburb of Summerlin South, Nevada, and founded by Frank Fertitta Jr.

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