LAS VEGAS-The $5.4-billion privatization of Station Casinosmoved a step closer to consummation late last week when stateGaming Control Board signed off on the public company's acquisitionby Fertitta Colony Partners, a joint-venture partnership of thegaming company's founding family and Los Angeles-based ColonyCapital, which also owns the Las Vegas Hilton.

The $90 per-share buy-out will be considered for final approvalby the board's parent, the Nevada Gaming Commission, on Oct. 18 inCarson City. Due to Station Casinos' management of Thunder ValleyCasino, an Indian resort in Sacramento, the transaction alsorequires the approval of the National Indian Gaming Commission,which has yet to set a date to consider the deal. Stockholdersapproved the plan in mid-August.

Fertitta Colony Partners is controlled by Station Casinoschairman/chief executive Frank Fertitta III,vice-chairman/president Lorenzo Fertitta and Colony Capitalfounder/chairman/chief executive Tom Barrack. All three principalsare licensed to operate casinos in the state. The Fertitta brotherswill continue handling the day-to-day operations of the company,which owns and operates a dozen casinos in the Las Vegas Valley,including the Red Rock Casino Resort and Spa.