Station Casinos

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Station Casinos, Inc.
Type Private
Industry Entertainment & Hospitality
Founded Las Vegas, Nevada (1976)
Headquarters Summerlin Nevada
Key people Frank Fertitta III, CEO
Products Casino Games
Resorts
Revenue Increase $950 million USD (2009)
Employees 11,500 (2005)
Website Station Casinos

Station Casinos Inc. is a gaming company based in the Las Vegas suburb of Summerlin, Nevada, founded by Frank Fertitta Jr.[1][2]

Station Casinos along with Boyd Gaming, Cannery Casino Resorts, American Casino & Entertainment Properties, and Herbst Gaming, dominate the Locals 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 has also branched out into managing casinos that they do not own.

History[edit]

The company started out as a locals casino operator in 1976 opening the Bingo Palace. This establishment was later renamed Palace Station. The company went public with an IPO in 1993.

On December 4, 2006, Frank Fertitta III, 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.[3] 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.[4] As of November 7, 2007, the company's stock (old symbol STN) was no longer listed on the New York Stock Exchange.

In March 2008, both Frank and Lorenzo Fertitta were listed as billionaires in Forbe's annual list of the world's billionaires, but the purchase loaded the company with billions in debt. As of May 2011, Frank was ranked 1057th on the list of world's billionaires, Lorenzo was ranked at 1140th. Both were tied for these rankings with several others.

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 has 510 holders of unsecured and subordinate debt totaling $4.4 billion.[5] On August 21, 2009, Frank Fertitta Jr., the founder of Station Casinos and father of the Fertitta brothers, died from complications of a heart condition.

Station Casinos finally exited bankruptcy in June 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 outstanding shares. The other new equity owners include the company's main secured lenders, Deutsche Bank AG, which now holds 25 percent, JPMorgan Chase with a 15 percent stake, and former unsecured bondholders hold an additional 15 percent, according to lawyers on the deal.[6]

UltimatePoker.com[edit]

Main article: UltimatePoker.com

Casinos owned[edit]

Station Casinos
Brand Name Casino Gaming area Opened or acquired open/acq. 50%
Station Casinos Boulder Station 700489443000000000089,443 sq ft (8,309.5 m2) August 23, 1994 open
Station Casinos Green Valley Ranch 7005133659000000000133,659 sq ft (12,417.3 m2) December 18, 2001 open Yes
Station Casinos Palace Station 700484000000000000084,000 sq ft (7,800 m2) July 1, 1976 open
Station Casinos Red Rock Resort Spa and Casino 7005119309000000000119,309 sq ft (11,084.2 m2) April 18, 2006 open
Station Casinos Santa Fe Station 7005156401000000000156,401 sq ft (14,530.1 m2) October 2, 2000 acq.
Station Casinos Sunset Station 7005133409000000000133,409 sq ft (12,394.1 m2) June 10, 1997 open
Station Casinos Texas Station 7005123045000000000123,045 sq ft (11,431.3 m2) July 12, 1995 open
Fiesta Casinos Fiesta Henderson 700473450000000000073,450 sq ft (6,824 m2) January 4, 2001 acq.
Fiesta Casinos Fiesta Rancho 700459951000000000059,951 sq ft (5,569.6 m2) January 4, 2001 acq.
Wildfire Gaming Wildfire Casino 70036800000000000006,800 sq ft (630 m2) January 27, 2003 acq. Yes
Wildfire Gaming Wildfire Lanes 70036750000000000006,750 sq ft (627 m2) June 26, 2008 acq.
Wildfire Gaming Wildfire Boulder 70036700000000000006,700 sq ft (620 m2) August 2, 2004 acq.
Wildfire Gaming Barley's 70035190000000000005,190 sq ft (482 m2) January 18, 1996 open Yes
Wildfire Gaming Wildfire Sunset 70034700000000000004,700 sq ft (440 m2) August 2, 2004 acq.
Wildfire Gaming Lake Mead Lounge 70033500000000000003,500 sq ft (330 m2) acq.
Wildfire Gaming The Greens Cafe 70031088000000000001,088 sq ft (101.1 m2) open Yes
Wildfire Gaming Wild Wild West 700411250000000000011,250 sq ft (1,045 m2) July 6, 1998 acq. Yes
  • 50% joint ownership is with Greenspun Corporation
  • Although not branded separately, Green Valley Ranch and Red Rock Casino are in a distinctly different upscale market niche from the other five station casinos
  • Wildfire Boulder was formerly Magic Star Casino
  • Wildfire Lanes was formerly Renata's Bowling
  • Wildfire Sunset was formerly Gold Rush casino

Casinos[edit]

Development sites[edit]

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, Summerlin
    • A site located near Cactus Road on the South Las Vegas Blvd.
    • Durango Station On South Durango Drive at Clark County 215 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 the of Red Rock Station.
    • Siena-Across from the Siena age-restricted community on Town Center Drive, Summerlin.
    • Station Casinos continues to own the land that the former Castaways (Boulder Highway location) used to stand on.
    • The Wild Wild West hotel on West Tropicana. 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
    • Convention Center- Across from the Reno-Sparks Convention Center. An 8-acre (3.2 ha) site acquired in 2005.
    • Geiger Grade-At the intersection of Geiger Grade Road and South Virginia Street. A 96-acre (39 ha) site acquired in 2005.
    • Mt. Rose-At the intersection of Mt. Rose Highway and US 395. A 50-acre (20 ha) site acquired in 2005. Not gaming entitled.

Officers[edit]

  • Station Casinos
    • Frank Fertitta III, Chairman & CEO
    • Steve Cavallaro, President
    • Marc Falcone, CFO
    • Scott Nielson, CDO
    • Rich Haskins, General Counsel

References[edit]

  1. ^ "Interactive Map Viewer." City of Las Vegas. Retrieved on June 5, 2009.
  2. ^ "Map." Station Casinos. Retrieved on June 5, 2009.
  3. ^ "Founders Lead Station Casinos Bid". Forbes. December 4, 2006. 
  4. ^ Knightly, Arnold. "GOING PRIVATE: Fertittas will cash, take stake". Las Vegas Review-Journal. Retrieved 2007-05-08. 
  5. ^ "Station Casinos files for Chapter 11". 
  6. ^ http://amlawdaily.typepad.com/amlawdaily/2011/06/stationcasinosexit.html

External links[edit]