Station Casinos put up a fireworks display in celebration of Independence Day that lasted for nine minutes despite being in bankruptcy proceedings. Some people wonder how the company, laden with corporate debts, could still afford to put up such a fireworks extravaganza.
According to Station CEO Kevin Kelly, the fireworks display has been an annual event for the company for sometime already. They use this event to drive new and existing customers to their 18 casinos located at Las Vegas, Henderson and North Las Vegas. As such, the marketing effort will not affect the bankruptcy procedures and vice versa.
Station Casinos filed for bankruptcy protection in July last year citing almost $6 billion in corporate debts. Every month, the company spends some of its money for marketing purposes, and the fireworks display is part of such efforts. CEO Kelly reiterated that despite the company having poor corporate structure they are committed to conducting their business and generating income. Not all the Station Casino entities are experiencing bankruptcy. Some of the outlets are doing brisk business and creating cash flow quite well.
The annual Independence Day fireworks show is a brainchild of Kelly himself when he was General Manager of Texas Station. He collaborated with George Maloof who was then the owner of another competing casino, the Fiesta Rancho to put up the fireworks display as a means to draw the crowds to their respective casinos in North Las Vegas on the Fourth of July. The idea became a hit and eventually Station Casinos expanded the annual affair to cover all nine of its casinos throughout the valley.
This year, however, the company decided to put up a scaled downs version of the fireworks celebration that began at 9 p.m. at only five of its outlets namely Aliante Station, Green Valley Ranch Resort, Fiesta Rancho, Texas Station and Red Rock Resort. A musical score accompanied the display on four radio stations. The fireworks were supplied by Grucci of New York.
The Station Casinos management declined to reveal the costs of putting up the fireworks display, save only to say that it was not trivial. CEO Kelly stated that the display, besides being a business move, was also something the company does for the community. According to him, their customers and the community had come to count on it every year.
In the meantime, Station Casinos’ bankruptcy plan is being deliberated in court and a confirmation is expected soon. 11 Station Casino entities are to be auctioned off August 6 while 5 others are expected to be taken over by lenders, co-owned and managed by the new Fertitta Gaming.
If your business is struggling to stay afloat under a burden of debt, consider filing for bankruptcy to give it a new start. Call us at (813) 200 4133 for a free consultation or visit http://tampabankruptcy.pro.
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Filed under Chapter 7 (Tampa) by on Sep 6th, 2010. Comment. 
Well-known appliance retailer, Appliance World stores in Denver, Colorado have been closed because its parent company, GCF Holdings LLC filed for bankruptcy three months ago. This does not only affect its Denver operations but also involve its other metropolitan stores namely those in Arvada, Aurora, Highlands Ranch, Littleton and Colorado Springs.
According to the retailer’s official website, the closure is permanent.
In its October 20 bankruptcy filing, GCF Holdings, a company based in Denver applied for bankruptcy protection in the US Bankruptcy Court in Tampa under Chapter 11 of the Bankruptcy Code. In its filing the company stated it had a combined total of between $1 million and $10 million in assets and liabilities and between 100 and 199 creditors.
Existing customers who have already been informed that their order is in may collect them at the Appliance World Denver warehouse at 320 S. Lipan on February 2. Other customers with existing orders who have not received confirmation that their order is ready for collection are advised to refer to the company’s website for the latest information on receiving their products or a refund.
Besides Appliance World, GCF Holdings is also the holding company of several other subsidiary companies in Florida and New Mexico. It appears that the bankruptcy has affected these other subsidiaries in very much the same way.
One of these other subsidiaries, DCE New Mexico LLC has been operating 2 electronics and appliance stores that they bought over from the Baillio family. But since the bankruptcy filing, the family have resumed control of the stores.
Another subsidiary, Riverview Ventures Inc. of Bradenton, Florida that did business as DeSears Appliance and Home Entertainment had to cease the operations of 4 of its stores in Florida on December 2 last year.
Filed under Chapter 7 (Tampa), Tampa Bankruptcy News by on Feb 2nd, 2010. Comment.
