Exhibit 10.25

 

Execution Version

 

THIRD AMENDMENT TO ASSET PURCHASE AGREEMENT

 

This THIRD AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”) is made and entered into as of April 29, 2011 by and among Station Casinos, Inc., a Nevada corporation (“SCI”), those Subsidiaries of SCI listed in Annex I and FG Opco Acquisitions LLC, a Delaware limited liability company.  Each party named above is a “Party”, and collectively are referred to as the “Parties”.  Capitalized terms used but not defined herein shall have the meanings provided in the APA.

 

RECITALS

 

WHEREAS, the Parties have heretofore entered into that certain Asset Purchase Agreement dated as of June 7, 2010 (as amended by the First Amendment to Asset Purchase Agreement, dated as of August 26, 2010, and by the Second Amendment to Asset Purchase Agreement, dated as of March 29, 2011, each by and among the Parties, the “APA”); and

 

WHEREAS, each Party has reviewed, or has had the opportunity to review, this Amendment with the assistance of professional legal advisors of its own choosing;

 

AGREEMENT

 

NOW THEREFORE, in consideration for the promises and the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and intending to be legally bound hereby, the Parties hereby agree as follows:

 

1.                                      Amendment to the APA.

 

(i)                                                          Section 4.4(a) of the APA is hereby amended and restated in its entirety to read as follows:

 

“(a)                            by Purchaser or Sellers, if the effective date of the Plan and the Closing have not occurred by the close of business on June 30, 2011 (such date, the “Termination Date”); provided, however, that if the effective date of the Plan or the Closing shall not have occurred on or before the Termination Date due solely to a material breach of any representations, warranties, covenants or agreements contained in this Agreement by Purchaser or any Seller, then the Purchaser (if Purchaser is the breaching party) or the Sellers (if any Seller is a breaching party) may not terminate this Agreement pursuant to this Section 4.4(a) unless such material breach has been cured and a period of time beyond June 30, 2011 has passed that is equal to the time such breach was ongoing; provided, further that the Sellers shall, at the written direction of the Opco Agent, terminate this Agreement at any time after June 30, 2011 if all of the conditions set forth in Article XI (other than (x) conditions that by their nature are to be satisfied on the Closing and with respect to which no facts or circumstances exist that would cause such conditions not to be satisfied on the Closing Date or (y) the condition set forth in Section 11.3(e)(i)) are satisfied or have been waived as of the Termination Date, other than Section 11.1(f)(ii), solely because the Tax Order is subject to appeal by a 

 

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U.S. federal Governmental Body, provided that the Opco Agent (at the direction of the Required Consenting Lenders) has delivered to Purchaser and SCI a written direction notice to terminate this Agreement at least 10 days prior to the date of such termination (which notice may be provided to Purchaser and SCI prior to June 30, 2011 and upon the expiration of the notice period this Agreement shall be deemed to have been terminated without the necessity of any further action or notice); provided, however, that Sellers shall not terminate this Agreement, and such written direction of the Opco Agent shall have no further force and effect, if prior to the date of such termination Purchaser has waived as a condition to Closing the existence of such appeal of the Tax Order.”

 

2.                                      Mutual Representations, Warranties, and Covenants.

 

Each Party makes the following representations and warranties (provided, however, that the representations and warranties of the Debtors shall be subject to the approval of this Amendment by the Bankruptcy Court), solely with respect to itself, to each of the other Parties:

 

(i)                                                         Enforceability.  The APA as amended by this Amendment is a legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

(ii)                                                      Power and Authority.  The Parties have all requisite power and authority to enter into this Amendment and to carry out the transactions contemplated by, and perform its respective obligations under, the APA as amended by this Amendment.

 

(iii)                                                   Authorization.  The execution and delivery of this Amendment and the performance of its obligations under the APA as amended by this Amendment have been duly authorized by all necessary action on its part.  This Amendment has been duly and validly executed and delivered by such Party.

 

3.              APA Remains in Full Force and Effect.

 

Except as expressly modified by this Amendment, the APA remains in full force and effect pursuant to its terms.  Each of the equity commitment letters and the gaming deposit letter entered into in connection with the APA remain in full force and effect.  All references to the APA in other documentation between the Parties shall be deemed to be a reference to the APA as amended by this Agreement.

 

4.              Miscellaneous Terms.

 

The provisions of Article XIV of the APA are applicable to this Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above.

 

 

	
 
    	
FG   OPCO ACQUISITIONS LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Frank J. Fertitta III
    
	
 
    	
 
    	
Name:
    	
Frank J. Fertitta III
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 











 

	
 
    	
STATION   CASINOS, INC.
    
	
 
    	
a   Nevada corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President, Chief
    
	
 
    	
 
    	
Accounting   Officer & Treasurer
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 











 

	
 
    	
BOULDER   STATION, INC.
    
	
 
    	
CENTERLINE   HOLDINGS, LLC
    
	
 
    	
CHARLESTON   STATION, LLC
    
	
 
    	
CV   HOLDCO, LLC
    
	
 
    	
DURANGO   STATION, INC.
    
	
 
    	
FIESTA   STATION, INC.
    
	
 
    	
FRESNO   LAND ACQUISITIONS, LLC
    
	
 
    	
GOLD   RUSH STATION, LLC
    
	
 
    	
GREEN   VALLEY STATION, INC.
    
	
 
    	
LAKE   MEAD STATION, INC.
    
	
 
    	
LML   STATION, LLC
    
	
 
    	
MAGIC   STAR STATION, LLC
    
	
 
    	
NORTHERN   NV ACQUISITIONS, LLC
    
	
 
    	
PALACE   STATION HOTEL & CASINO, INC.
    
	
 
    	
RANCHO   STATION, LLC
    
	
 
    	
RENO   LAND HOLDINGS, LLC
    
	
 
    	
RIVER   CENTRAL, LLC
    
	
 
    	
SANTA   FE STATION, INC.
    
	
 
    	
STATION   HOLDINGS, INC.
    
	
 
    	
STN   AVIATION, INC.
    
	
 
    	
SUNSET   STATION, INC.
    
	
 
    	
TEXAS   STATION, LLC
    
	
 
    	
TOWN   CENTER STATION, LLC
    
	
 
    	
TROPICANA   STATION, LLC
    
	
 
    	
TROPICANA   STATION, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
Title:
    	
Senior   Vice President and Treasurer
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 












 

	
 
    	
AUBURN   DEVELOPMENT, LLC

INSPIRADA   STATION, LLC

TROPICANA   ACQUISITIONS, LLC

VISTA   HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 











 

	
 
    	
STATION   CONSTRUCTION, LLC,
    
	
 
    	
a   Nevada limited liability company
    
	
 
    	
 
    
	
 
    	
By:  Station Casinos, Inc., a Nevada   corporation, its Sole Member
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President, Chief Accounting Officer & Treasurer
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 











 

	
 
    	
PAST   ENTERPRISES, INC.,
    
	
 
    	
an   Arizona corporation
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
President   and Treasurer
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 











 

	
 
    	
SONOMA   LAND HOLDINGS, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Thomas M. Friel
    
	
 
    	
 
    	
Name:
    	
Thomas   M. Friel
    
	
 
    	
 
    	
Title:
    	
President,   Chief Financial Officer and Treasurer
    


 

Signature Page to Third Amendment to Asset Purchase Agreement

 












 

	
ACKNOWLEDGED AND AGREED TO:
    	
 
    
	
 
    	
 
    
	
DEUTSCHE BANK TRUST COMPANY   AMERICAS
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Mark   B. Cohen
    	
 
    
	
Name:
    	
/s/   Mark B. Cohen
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Benjamin   South
    	
 
    
	
Name:
    	
/s/   Benjamin South
    	
 
    
	
Title:
    	
Vice   President
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
JPMORGAN CHASE BANK, N.A.
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Charles   O. Freegood
    	
 
    
	
Name:
    	
/s/   Charles O. Freegood
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
WELLS FARGO BANK, NATIONAL   ASSOCIATION
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
Reginald   T. Dawson
    	
 
    
	
Name:
    	
/s/   Reginald T. Dawson
    	
 
    
	
Title:
    	
Managing   Director
    	
 
    


 

Signature Page to Third Amendment to Asset Purchase Agreement