THERE SHOULD BE NO HOLD BACK IN STATIONS PLANS NOW THAT ALL APPROVALS HAVE BEEN GIVEN IN THEIR BUYOUT

Implications: What does this purchase and partnership mean to Station Casinos? Will it put them into a new financial situation that will allow more properties under their umbrella? I think it will be a significant factor in their future.

Analysis: Here is the breakdown of the new partnership with Colony Capital The Fertitta brothers will remain as head of Stations. They will continue in their capacity of running the properties on a day to day basis. Tom Barrack, top man in Colony, has not taken on any specific duties at this writing. My feeling is he will let the company pretty much remain as it was prior to the buyout. It would be my guess that he will control the purse strings and have a very strong voice in what projects that Stations will now proceed with. The best thing that has happen is that there will no longer be a need to report to stock holders for either a yea or nay. That part of the scenario is no longer in the picture. All future decisions will be made by both the Fertitta's and Tom Barrack. It would certainly help, if Mr. Barrack is on board for what is on their rather crowded plate. It remains to be seen if he will just be a passive bystander or a very interested party. It's my thought that he will be very much involved.

All in all the new partnership has taken its place  - they now have received an OK from the Indian Gaming Commission - the last bit of licensing needed to complete the deal. The approval allows this partnership to take effect as soon as next week. The sooner the better for all concerned. The future looks very strong for both Stations and Colony Capital. It could be a marriage made in corporate heaven. The only thing that does come to mind is what Tom Barrack will eventually do with the Las Vegas Hilton - we spoke about this in another very recent article. It's not the norm that an owner would be in competition with himself in a completely separate entity. My guess is, that the details have been worked out well in advance, as is not to be a deterrent to the Fertitta's. We are all looking for some very special things to come out of Stations in the six month. It an interesting time for this new company...