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Nevada's Unemployment Rate Rises to 13.2 Percent

CARSON CITY, Nev. --  Nevada's statewide unemployment rate rose to 13.2 percent in February, while the jobless rate in the Las Vegas area climbed another notch toward 14 percent.

The state Department of Employment, Training and Rehabilitation said Friday the unemployment rate in Clark County increased from 13.8 to 13.9 percent.

There was no change in the 13.4 percent jobless rate in the Reno-Sparks area. In Carson City, the rate fell slightly from 13.8 percent to 13.7 percent.

The report says 189,000 workers were out of work in Nevada. But a top state economist says employers added 10,400 jobs in February, representing the first increase since October. Nevada's statewide unemployment rate in January was 13 percent, the second highest in the nation.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

 

Station Casinos to Reorganize Under Chapter 11

Station Casinos and its subsidiaries have announced that they have filed a Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code.

As part of the plan, the mortgage lenders that are holding debt secured by Red Rock Casino Resort Spa, Palace Station, Boulder Station, and Sunset Station will become the equity owners of a newly-formed company and will sell 46% of the equity to Frank Fertitta III and Lorenzo Fertitta, who will make a significant new investment to purchase their equity in the new company. 

The remaining equity will be owned primarily by the Propco Lenders and Colony Capital, who will also be making a new investment in the company.  Fertitta Gaming, will also manage the Propco Properties under a long-term management agreement.