The Station Casinos Inc is trying now to obtain a permission to the U.S. Bankruptcy Court for the reason to reject a lease which has entered into for around 25,530 sq. feet on the Pavilion building’s area.
As mentioned to the Court, the Station Casinos affirmed that the lease is known to run from the end of 2007 to September 2012, with a cost per month of around 70,200 dollars to 76,700 dollars.
It also said that the space is used for the development of “Project V,” a gaming enterprise from Las Vegas.
The premises have been vacated by the Station which has also subleased the space. At the moment, the Station only wants out of the lease with landlord Charleston Pavilion LLC.
The attorneys of the Station Casinos have written that “The Project V Office Lease has no operational value to Station Casinos Inc. (SCI) and is not necessary to its reorganization. Accordingly, preservation of the Project V Office Lease could result in an administrative expense with no commensurate benefit to SCI’s estate.”
Now, the Station Casinos of Las Vegas have filed for the protection of the bankruptcy next week, hoping to reorganize their debts.
