Las Vegas -- The founding family of Station Casinos Inc. likely will retain control of the Las Vegas-based company, The Wall Street Journal reported Saturday.
A family-backed group made the only qualifying bid in an auction for part of the company, and brothers Frank and Lorenzo Fertitta would gain control with final approval.
The Journal said Station Casinos is expected to have much of its $5.9 billion debt wiped out. The brothers had assumed $3.3 billion in debt when they took private the company their father founded with a single casino about a mile west of the Las Vegas strip in 1976.
Station, like other casino companies, has been struggling because of the economic downturn.