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Gambling News by Gambling Headquarters

Thursday, August 24, 2006

Condo Partner Fights Red Rock on Break Up

 

As reported by the Las Vegas Business Post: "Station Casinos has been accused of attempting to 'hijack' an in-progress condominium project at Red Rock Resort, Spa & Casino from minority partner Stephen Cloobeck.The accusation, made by Cloobeck's attorney, Patricia Glaser, comes in the wake of Station Casinos' recent revelation to investors that it had severed ties between Cloobeck Molasky Partners and Station subsidiary SCRR Residential, which holds 80 percent of the 400-unit condo development. "The disclosure, in an Aug. 9 SEC filing, also revealed that Cloobeck is seeking damages via binding arbitration. "Station, citing a corporate policy of not commenting on pending litigation, did not reveal its reason for terminating the Cloobeck/SCRR partnership..."

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