The ever-growing Fertita Colony Partner have decided their family is "ever-growing" too large. The Fertitta family, who founder Station Casinos and oversaw its flotation and expansion of stockholders, are now one step closer to taking Station Casinos private, pending federal and state approval from gaming regulators in Nevada and California. Despite six open court cases from shareholders claiming the buyout price of over $88/share offered on February 23 or this year, a shareholder meeting yesterday was void of any dissension or public disapproval.

Frank Fertitta III, who conducted the meeting, stressed how successful the last fifteen years has been for everyone at Station Casinos. Certainly, nobody could disagree with that, considering the enormous success of Station Casinos has had in the locals casino market of Las Vegas and California. In fact, Station Casinos has become so successful with the Green Valley Ranch and Red Rock Resort, they could arguably be considered one of the first local casino operators to make the transition into a top-tier, off-strip casino operator.

Giving the Strip casinos a run for their money, Station's Red Rock Resort has been a huge hit since opening last year. Indeed, Station has done an excellent job keeping its patrons satisfied and happy since day one. One shareholder who attended the meeting (at Red Rock), Bea Miller, said she first bought stock in the company because she always enjoyed herself while gambling at Station Casinos. When all is said and done, Miller said that although she understands why, she is sorry to see the company go private nonetheless.

The Fertitta brothers, Frank III and Lorenzo, and sister Delisle and husband Frank Sartini, are putting up $870.5 million worth of stocks to go toward the buyout, while investing firm, Colony Capital (who also owns the Las Vegas Hilton) is putting up a whopping $2.6 billion to gain a 75% equity share in the company, which will still operate as Station Casinos. The buyout also includes an assumption of the company's $3.3 billion in debt and $1.1 billion in revolving credit. Frank III, who has served as President and Chairman of Station since 1993, will be getting back $148.6 million from his stock options, while Lorenzo will be pocketing $145 million. The Sartini's will be getting little over $201 million for their common stock.