In 1976, Frank Fertitta, Jr., a former general manager at the Fremont, and his two partners, opened The Casino, a 5,000 sq ft gambling hall attached to a Mini Price Motor Inn, in an off-Strip location where few observers expected it to succeed. In 1977, he added bingo and renamed the property as the Bingo Palace. The casino was the first to target a clientele of local residents with offerings like giveaways, cheap buffets, and bingo. It thrived, and Fertitta soon bought out his partners' shares. Other locals casinos like Sam's Town and the Gold Coast followed in later years.
In 1984, the Bingo Palace was expanded and remodeled with a railroad theme, and renamed to the Palace Station Hotel & Casino. The grand opening ceremony was held on April 6, featuring Governor Richard Bryan and the historic locomotive Inyo. The next year, Fertitta purchased the adjoining 465-room motel. A 21-story hotel tower and high-rise parking garage were added in 1990, bringing the room count to 1,041.
In 1993, Fertitta bought the land for what would become Boulder Station, the beginning of an expansion that would grow Station Casinos into a billion dollar company. But Fertitta left the firm that same year, turning management over to his sons when it went public.
The hotel has seen its share of accidents and misadventures, including a cashier's cage robbery in 1992, a 21st-floor fire caused by lightning in 1998, an armored car robbery in the parking lot in 2009, and most notoriously, the 2007 robbery of sports memorabillia by O.J. Simpson and his associates.
Early in 2009, Improv Vegas opened at the Bonkerz Comedy Club which was renamed from the Sound Trax lounge. The tower rooms have recently been remodeled.