Station Casinos

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Station Casinos
Limited liability company
Industry Gaming and hospitality
Founded July 1, 1976; 41 years ago (1976-07-01)
Las Vegas, Nevada, U.S.
Headquarters Summerlin, Nevada, U.S.
Key people
Frank Fertitta III, CEO
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]
Website sclv.com

Station Casinos is a gaming company based in the Las Vegas suburb of Summerlin, Nevada, 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 has also branched out into managing casinos that they do not own. Red Rock Resorts, Inc. (NASDAQRRR) is a publicly traded holding company that owns a portion of Station Casinos.

History[edit]

The company started out as a locals casino operator on July 1, 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.[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] 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 Forbes' 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, and 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 had 510 holders of unsecured and subordinate debt totaling $4.4 billion.[8]

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 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 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 announced in October 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]

In May 2016, Station agreed to purchase the Palms Casino Resort for $313 million.[12][13]

Current Casinos[edit]

Station Casinos
Brand name Casino Gaming area Opening date Previous names Previous owners Acquired Acquisition date 50%
Station Casinos Boulder Station 89,443 sq ft (8,309.5 m2) August 23, 1994; 23 years ago (1994-08-23) None None No N/A No
Station Casinos Fiesta Henderson 73,450 sq ft (6,824 m2) February 10, 1998; 20 years ago (1998-02-10) The Reserve (1998–2001) Ameristar Casinos (1998–2001) Yes January 4, 2001; 17 years ago (2001-01-04) No
Station Casinos Fiesta Rancho 59,932 sq ft (5,567.9 m2) December 14, 1994; 23 years ago (1994-12-14) Fiesta (1994–2001) Maloof family (1994–2001) Yes January 4, 2001; 17 years ago (2001-01-04) No
Station Casinos Green Valley Ranch 143,891 sq ft (13,367.9 m2) December 18, 2001; 16 years ago (2001-12-18) None None No N/A Yes
Station Casinos Mount Rose Station 165,000 sq ft (15,300 m2) Unknown None None No N/A No
Station Casinos Palace Station 84,000 sq ft (7,800 m2) July 1, 1976; 41 years ago (1976-07-01) The Casino (1976–1977) and Bingo Palace (1977–1984) None No N/A No
Station Casinos Palms Casino Resort 94,840 sq ft (8,811 m2) November 15, 2001; 16 years ago (2001-11-15) None Leonard Green & Partners (2011–2016), Maloof family (2001–2016) and TPG Capital (2011–2016) Yes October 1, 2016; 16 months ago (2016-10-01) No
Station Casinos Red Rock Resort 118,309 sq ft (10,991.3 m2) April 18, 2006; 11 years ago (2006-04-18) None None No N/A No
Station Casinos Santa Fe Station 156,401 sq ft (14,530.1 m2) 1991; 27 years ago (1991) Santa Fe Casino (1991–2000) Santa Fe Gaming (1991–2000) Yes October 2, 2000; 17 years ago (2000-10-02) No
Station Casinos Station Casino Reno 84,000 sq ft (7,800 m2) Unknown None None No N/A No
Station Casinos Sunset Station 162,173 sq ft (15,066.4 m2) June 10, 1997; 20 years ago (1997-06-10) None None No N/A No
Station Casinos Texas Station 123,045 sq ft (11,431.3 m2) July 12, 1995; 22 years ago (1995-07-12) None None No N/A No
Federated Indians of Graton Rancheria Graton 340,000 sq ft (32,000 m2) November 5, 2013; 4 years ago (2013-11-05) None None No N/A No
Wildfire Gaming Wildfire Casino 6,800 sq ft (630 m2) Unknown Unknown Unknown Yes January 27, 2003; 15 years ago (2003-01-27) No
Wildfire Gaming Wildfire Lanes 6,750 sq ft (627 m2) Unknown Unknown Unknown Yes June 26, 2008; 9 years ago (2008-06-26) No
Wildfire Gaming Wildfire Boulder 6,700 sq ft (620 m2) Unknown Unknown Unknown Yes August 2, 2004; 13 years ago (2004-08-02) No
Wildfire Gaming Barley's 5,190 sq ft (482 m2) January 18, 1996; 22 years ago (1996-01-18) None None No N/A No
Wildfire Gaming Wildfire Sunset 4,700 sq ft (440 m2) Unknown Unknown Unknown Yes August 2, 2004; 13 years ago (2004-08-02) No
Wildfire Gaming Lake Mead Lounge 3,500 sq ft (330 m2) Unknown Unknown Unknown Yes Unknown No
Wildfire Gaming The Greens Cafe 1,088 sq ft (101.1 m2) Unknown Unknown None No N/A Yes
Wildfire Gaming Wild Wild West 11,250 sq ft (1,045 m2) Unknown Unknown Unknown Yes July 6, 1998; 19 years ago (1998-07-06) No
  • Although not branded separately, Green Valley Ranch and Red Rock Resort 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 the Gold Rush.

Former Casinos[edit]

Station Casinos
Brand name Casino Gaming area Opening date Closing date Current names Previous names Current owners Previous owners Acquired Acquisition dates 50%
Station Casinos Aliante Station 125,000 sq ft (11,600 m2) November 11, 2008; 9 years ago (2008-11-11) 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; 5 years ago (2012-11-01)
September 27, 2016; 16 months ago (2016-09-27)
No
Station Casinos Castaways 35,000 sq ft (3,300 m2) September 3, 1954; 63 years ago (1954-09-03) January 29, 2004; 14 years ago (2004-01-29) None Showboat (1954–2000) Station Casinos (2004–present) Unknown Yes October 1, 2004; 13 years ago (2004-10-01) No
Station Casinos Station Casino Kansas City 140,000 sq ft (13,000 m2) January 16, 1997; 21 years ago (1997-01-16) N/A Ameristar Casino Kansas City (2000–present) None Gaming and Leisure Properties (2016–present)
Pinnacle Entertainment (2013–present)
Ameristar Casinos (2000–2013) No December 19, 2000; 17 years ago (2000-12-19) No
Station Casinos Station Casino St. Charles 130,000 sq ft (12,000 m2) May 27, 1994; 23 years ago (1994-05-27) N/A Ameristar Casino St. Charles (2000–present) None Gaming and Leisure Properties (2016–present)
Pinnacle Entertainment (2013–present)
Ameristar Casinos (2000–2013) No December 19, 2000; 17 years ago (2000-12-19) No
United Auburn Indian Community Thunder Valley 144,500 sq ft (13,420 m2) June 9, 2003; 14 years ago (2003-06-09) N/A None None United Auburn Indian Community (2003–present) Station Casinos (2003–2010) No N/A No

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.

Officers[edit]

  • Station Casinos
    • Frank Fertitta III, Chairman & CEO
    • Stephen Cootey, CFO
    • Scott Nielson, CDO
    • Rich Haskins, General Counsel

References[edit]

  1. ^ Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 51. Archived from the original on May 17, 2015 – via EDGAR. 
  2. ^ 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. 
  3. ^ Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 15. Archived from the original on May 17, 2015 – via EDGAR. 
  4. ^ "Interactive Map Viewer". City of Las Vegas. Retrieved November 28, 2014. 
  5. ^ "Map". Station Casinos. Retrieved November 28, 2014. 
  6. ^ Lipton, Joshua (December 4, 2006). "Founders Lead Station Casinos Bid". Forbes. Retrieved November 28, 2014. 
  7. ^ Knightly, Arnold M. (May 8, 2007). "Fertittas will cash, take stake". Las Vegas Review-Journal. Retrieved November 28, 2014. 
  8. ^ Knightly, Arnold M. (July 28, 2009). "Station Casinos files for Chapter 11". Las Vegas Review-Journal. Retrieved November 28, 2014. 
  9. ^ Triedman, Julie (June 20, 2011). "After Two Rocky Years, Station Casinos Exits Bankruptcy". The Am Law Daily. Retrieved November 28, 2014. 
  10. ^ Stutz, Howard (October 13, 2015). "Station Casinos announces plans for an initial public offering". Las Vegas Review-Journal. Retrieved October 14, 2015. 
  11. ^ 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. 
  12. ^ Morris, J.D. (May 10, 2016). "Palms sold to Station Casinos for $312.5 million". Vegas Inc. Retrieved May 10, 2016. 
  13. ^ "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. 
  14. ^ "Durango Station Casino & Resort". Mevold Studio. Archived from the original on December 14, 2014. Retrieved December 14, 2014. 
  15. ^ a b "CFA - Hospitality Projects". CFA, Inc. Archived from the original on May 5, 2016. Retrieved November 28, 2014. 
  16. ^ "Station Casino at the Convention Center". Emporis GmbH. Retrieved November 28, 2014. 
  17. ^ "Mount Rose Station Hotel Casino". Emporis GmbH. Retrieved November 28, 2014. 
  18. ^ 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. 

External links[edit]