Station Casinos Inc., the biggest U.S. gambling company in bankruptcy, has won court permission for its plan to exit bankruptcy by selling most of its casinos to a group led by Chairman Frank Fertitta.

Before the firm can close the sales and exit bankruptcy, it must win approval from Nevada gambling regulators, Station spokeswoman Lori Nelson said Friday.

Station may leave bankruptcy early in 2011, Nelson said. The company filed bankruptcy last year in Reno.

Station's reorganization involves breaking the Las Vegas-based company into two parts, both of which would be taken over and reassembled by Fertitta, his brother, vice chairman Lorenzo Fertitta, and their partners, which include some company lenders.

At least $1.7 billion of Station's debt was the result of a leveraged buyout in November 2007 by Fertitta Colony Partners LLC.