Station Casinos
Station Casinos is an American hotel and casino gaming company based in the Las Vegas suburb of Summerlin South, Nevada, and founded by Frank Fertitta Jr.[4][5] Station Casinos, along with Affinity Gaming, Boyd Gaming and Golden Entertainment, dominate the locals casino market in Las Vegas. The company purchased several sites that were gaming-entitled, meaning that major casinos can be built at that location without additional approvals. There are only a limited number of such sites available in the Las Vegas area. Station Casinos has also branched out into managing casinos that they do not own. Red Rock Resorts, Inc. (NASDAQ: RRR) is a publicly traded holding company that owns a portion of Station Casinos.
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| Type | Limited liability company |
|---|---|
| Industry | Gaming and hospitality |
| Founded | July 1, 1976 Las Vegas, Nevada, U.S. |
| Founder | Frank Fertitta Jr. |
| Headquarters | Summerlin South, Nevada, U.S. |
Area served | California Nevada |
Key people | Frank Fertitta III, CEO Lorenzo Fertitta, board member Bob Cashell, board member (deceased) |
| Revenue | US$1.38 billion (2014)[1] |
| Owner | Frank Fertitta III (29%) Lorenzo Fertitta (29%) Deutsche Bank (25%) Fidelity Investments (9%) Oaktree Capital Management (6%)[2] |
Number of employees | 11,600 (2015)[3] |
| Divisions | Fiesta Casinos Wildfire Gaming |
| Website | sclv |
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| NASDAQ: RRR (Class A) Russell 2000 Component | |
| Founded | April 26, 2016 |
| Website | redrockresorts |
History
The company started out as a locals casino operator on July 1, 1976, founded by Frank Fertitta Jr. Its first casino was the Bingo Palace, which was later renamed Palace Station.
On December 4, 2006, Fertitta's sons, Frank Fertitta III and Lorenzo Fertitta, and Colony Capital LLC, operating as Fertitta Colony Partners, made a highly leveraged offer to purchase all existing shares at $82 per share and take the company private.[6] The Fertitta brothers, their sister Delise Sartini, and Blake L. Sartini, her husband, with a combined investment of $870.1 million, purchased a 25% stake in Fertitta Colony Partners. Colony Capital contributed $2.6 billion for a 75% share.[7]
On July 28, 2009, Station Casinos filed for Chapter 11 bankruptcy. Station Casinos' filing listed $5.7 billion in assets against $6.5 billion in debt. The filing said the company had 510 holders of unsecured and subordinate debt totaling $4.4 billion.[8]
Station Casinos exited bankruptcy on June 17, 2011, with $4 billion less in debt and with creditors putting the company's 18 casinos back in the hands of the Fertitta family and their partners. The Fertitta brothers agreed to put nearly $200 million in the reassembled company and now own 45 percent of its shares. The other new equity owners include the company's main lenders, Deutsche Bank AG, which holds 25 percent; JPMorgan Chase with a 15 percent stake; and former bondholders with an additional 15 percent, according to lawyers on the deal.[9]
Station Casinos announced on October 13, 2015, that it would return to the stock market with an initial public offering.[10] On April 26, 2016, Red Rock Resorts, Inc., a new holding company owning a portion of Station Casinos, went public on the NASDAQ Stock Exchange.[11]
On May 10, 2016, Station Casinos agreed to purchase the Palms Casino Resort for $313 million.[12][13]
Current casinos
| Casino | Brand | Gaming area | Opening date | Acquisition date | Previous names | Previous owners and operators |
|---|---|---|---|---|---|---|
| Boulder Station | Station Casinos | 89,443 sq ft (8,309.5 m2) | August 23, 1994 | N/A | None | None |
| Green Valley Ranch | Station Casinos | 143,891 sq ft (13,367.9 m2) | December 18, 2001 | N/A | None | None |
| Mount Rose Station | Station Casinos | 165,000 sq ft (15,300 m2) | TBD | N/A | None | None |
| Palace Station | Station Casinos | 84,000 sq ft (7,800 m2) | July 1, 1976 | N/A | The Casino (1976–1977) and Bingo Palace (1977–1984) | None |
| Palms Casino Resort | Station Casinos | 94,840 sq ft (8,811 m2) | November 15, 2001 | October 1, 2016 | None | Leonard Green & Partners (2011–2016), Maloof family (2001–2016) and TPG Capital (2011–2016) |
| Red Rock Casino, Resort & Spa | Station Casinos | 118,309 sq ft (10,991.3 m2) | April 18, 2006 | N/A | None | None |
| Santa Fe Station | Station Casinos | 151,001 sq ft (14,028.5 m2) | February 14, 1991 | October 2, 2000 | Santa Fe (1991–2000) | Santa Fe Gaming (1991–2000) |
| Station Casino Reno | Station Casinos | 84,000 sq ft (7,800 m2) | TBD | N/A | None | None |
| Sunset Station | Station Casinos | 162,173 sq ft (15,066.4 m2) | June 10, 1997 | N/A | None | None |
| Texas Station | Station Casinos | 121,823 sq ft (11,317.7 m2) | July 12, 1995 | N/A | None | None |
| Graton Resort & Casino | Federated Indians of Graton Rancheria | 340,000 sq ft (32,000 m2) | November 5, 2013 | N/A | None | None |
| Fiesta Henderson | Fiesta Casinos | 73,450 sq ft (6,824 m2) | February 10, 1998 | January 4, 2001 | The Reserve (1998–2001) | Ameristar Casinos (1998–2001) |
| Fiesta Rancho | Fiesta Casinos | 59,932 sq ft (5,567.9 m2) | December 14, 1994 | January 4, 2001 | Fiesta (1994–2001) | Maloof family (1994–2001) |
| Wildfire Casino | Wildfire Gaming | 6,800 sq ft (630 m2) | January 27, 2003 | Unknown | Unknown | Unknown |
| Wildfire Lanes | Wildfire Gaming | 6,750 sq ft (627 m2) | June 26, 2008 | Unknown | Renata's Bowling | Unknown |
| Wildfire Boulder | Wildfire Gaming | 6,700 sq ft (620 m2) | Unknown | August 2, 2004 | Magic Star Casino | Unknown |
| Barley's | Wildfire Gaming | 5,190 sq ft (482 m2) | January 18, 1996 | N/A | None | None |
| Wildfire Sunset | Wildfire Gaming | 4,700 sq ft (440 m2) | August 2, 2004 | Unknown | The Gold Rush | Unknown |
| Lake Mead Lounge | Wildfire Gaming | 3,500 sq ft (330 m2) | Unknown | Unknown | Unknown | Unknown |
| The Greens Cafe | Wildfire Gaming | 1,088 sq ft (101.1 m2) | N/A | Unknown | None | Unknown |
| Wild Wild West Gambling Hall & Hotel | Wildfire Gaming | 11,250 sq ft (1,045 m2) | July 6, 1998 | Unknown | Unknown | Unknown |
- Although not branded fully separately, Green Valley Ranch, Palace Station, Palms Casino Resort and Red Rock Resort are in a distinctly different upscale market niche from the other Station Casinos.
Former casinos
| Brand name | Casino | Gaming area | Opening date | Closing date | Current names | Previous names | Current owners and operators | Previous owners and operators | Acquired | Acquisition dates | 50% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Station Casinos | Aliante Station | 125,000 sq ft (11,600 m2) | November 11, 2008 | N/A | Aliante Casino and Hotel (2012–present) | None | Boyd Gaming (2016–present) | Aliante Gaming (2012–2016) Apollo Global Management (2012–2016) Standard General (2012–2016) TPG Capital (2012–2016) | No | November 1, 2012 September 27, 2016 | No |
| Station Casinos | Castaways | 35,000 sq ft (3,300 m2) | September 3, 1954 | January 29, 2004 | None | Showboat (1954–2000) | Station Casinos (2004–present) | Unknown | Yes | October 1, 2004 | No |
| Station Casinos | Station Casino Kansas City | 140,000 sq ft (13,000 m2) | January 16, 1997 | N/A | Ameristar Casino Kansas City (2000–present) | None | Gaming and Leisure Properties (2016–present) Boyd Gaming (2018–present) | Ameristar Casinos (2000–2013) Pinnacle Entertainment (2013–2018) | No | December 19, 2000 | No |
| Station Casinos | Station Casino St. Charles | 130,000 sq ft (12,000 m2) | May 27, 1994 | N/A | Ameristar Casino St. Charles (2000–present) | None | Gaming and Leisure Properties (2016–present) Boyd Gaming (2018–present) | Ameristar Casinos (2000–2013) Pinnacle Entertainment (2013–2018) | No | December 19, 2000 | No |
| United Auburn Indian Community | Thunder Valley | 144,500 sq ft (13,420 m2) | June 9, 2003 | N/A | None | None | United Auburn Indian Community (2003–present) | Station Casinos (2003–2010) | No | N/A | No |
Development sites
All the Nevada sites below are gaming-entitled, unless otherwise noted. Gaming-entitled means that a casino can be built on that location without special approvals.
- Las Vegas area
- Flamingo Road – At Clark County 215 and Town Center Drive in Summerlin South.
- Durango Station – On South Durango Drive at Clark County 215 in Spring Valley near the Rhodes Ranch planned community. Announced plans for a bowling alley and movie theater at this location. The design is shown to be similar to that of the Red Rock Resort.[14]
- Siena – Across from the Siena age-restricted community on Town Center Drive in Summerlin.
- Wild Wild West – At the intersection of Dean Martin Drive and West Tropicana Avenue in Paradise. Due to the special proximity of this site to the Las Vegas Strip, Station intends to build a tourist-oriented megaresort on this site.
- Reno area
- Station Casino Reno – Across from the Reno-Sparks Convention Center, at the intersection of Kietzke Lane and South Virginia Street. An 8-acre (3.2 ha) site acquired in 2005.[15][16]
- Mount Rose Station – Across from The Summit, at the intersection of Mount Rose Highway and South Virginia Street. An 88-acre (36 ha) site acquired in 2005.[15][17][18]
Officers
- Station Casinos
- Frank Fertitta III, Chairman and Chief Executive Officer
- Richard J. Haskins, President [deceased July 4, 2020[19]]
- Stephen L. Cootey, Executive Vice President, Chief Financial Officer and Treasurer
- Jeffrey T. Welch, Executive Vice President and Chief Legal Officer
References
- Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 51. Archived from the original on May 17, 2015 – via EDGAR.
- Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. pp. 117–118. Archived from the original on May 17, 2015 – via EDGAR.
- Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 15. Archived from the original on May 17, 2015 – via EDGAR.
- "Interactive Map Viewer". City of Las Vegas. Retrieved November 28, 2014.
- "Map". Station Casinos. Retrieved November 28, 2014.
- Lipton, Joshua (December 4, 2006). "Founders Lead Station Casinos Bid". Forbes. Retrieved November 28, 2014.
- Knightly, Arnold M. (May 8, 2007). "Fertittas will cash, take stake". Las Vegas Review-Journal. Retrieved November 28, 2014.
- Knightly, Arnold M. (July 28, 2009). "Station Casinos files for Chapter 11". Las Vegas Review-Journal. Retrieved November 28, 2014.
- Triedman, Julie (June 20, 2011). "After Two Rocky Years, Station Casinos Exits Bankruptcy". The Am Law Daily. Retrieved November 28, 2014.
- Stutz, Howard (October 13, 2015). "Station Casinos announces plans for an initial public offering". Las Vegas Review-Journal. Retrieved October 14, 2015.
- Driebusch, Corrie. "Red Rock IPO Prices in Line With Casino Operator's Target". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved April 27, 2016.
- Morris, J.D. (May 10, 2016). "Palms sold to Station Casinos for $312.5 million". Vegas Inc. Retrieved May 10, 2016.
- "Red Rock Resorts announces agreement to acquire Palms Casino Resort" (Press release). Red Rock Resorts. May 10, 2016. Archived from the original on June 25, 2016. Retrieved May 10, 2016 – via EDGAR.
- "Durango Station Casino & Resort". Mevold Studio. Archived from the original on December 14, 2014. Retrieved December 14, 2014.
- "CFA - Hospitality Projects". CFA, Inc. Archived from the original on May 5, 2016. Retrieved November 28, 2014.
- "Station Casino at the Convention Center". Emporis GmbH. Retrieved November 28, 2014.
- "Mount Rose Station Hotel Casino". Emporis GmbH. Retrieved November 28, 2014.
- Voyles, Susan (October 28, 2010). "Proposed Station casino receives 5-year extension". Reno Gazette-Journal. Archived from the original on November 14, 2014. Retrieved November 28, 2014.
- https://www.foxbusiness.com/money/red-rock-president-richard-haskins-dead-accident