Station Casinos management (the Fertitta family) and Colony Capital took the company private in 2007 and the partnership is now struggling to pay down billions of dollars of debt associated with its buy out of the formerly public company. Boyd's initial offer was made in February, after Station and some of its lenders offered up a prepackaged bankruptcy proposal that would pay bondholders pennies on the dollar. Boyd argued that its offer "would present a superior recovery to the unsecured creditors of Station versus the current Exchange Offer."

Boyd's offer was for Texas Station, Aliante Station, Santa Fe Station, Green Valley Ranch, two Fiesta casinos and other assets. Boyd also said it would be willing to make an offer for the rest of the 18-casino operation as well should it be considered for sale. Boyd has approximately $2 billion in available liquidity under its revolving credit facility.

In dismissing the Boyd's offer Station cited its "highly conditional nature" and "risks…in sharing and confidential information with a significant competitor" and "the uncertainties associated with… obtaining necessary third party consents and required regulatory, antitrust and other governmental approvals." In countering the dismissal, Boyd says it hasn't been given the opportunity to provide Station with a firmer offer.