Station Casinos

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Station Casinos, LLC
TypeLimited liability company
IndustryGaming and hospitality
FoundedJuly 1, 1976; 45 years ago (1976-07-01)
Las Vegas, Nevada, U.S.
FounderFrank Fertitta Jr.
HeadquartersSummerlin South, Nevada, U.S.
Area served
California
Nevada
Key people
Frank Fertitta III (CEO) Lorenzo Fertitta (Chairman)
RevenueUS$1.38 billion (2014)[1]
OwnerFrank Fertitta III (29%)
Lorenzo Fertitta (29%)
Deutsche Bank (25%)
Fidelity Investments (9%)
Oaktree Capital Management (6%)[2]
Number of employees
11,600 (2015)[3]
DivisionsFiesta Casinos
Wildfire Gaming
Websitestationcasinos.com
Red Rock Resorts, Inc.
NasdaqRRR (Class A)
Russell 2000 Component
FoundedApril 26, 2016; 6 years ago (2016-04-26)
Websiteredrockresorts.com

Station Casinos, LLC is an American hotel and casino company based in 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. (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, 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] In May 2021 Station's affiliate Red Rock Resorts announced plans to sell The Palms to the San Manual Band of Mission Indians.[14]

Current casinos[edit]

Station 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; 27 years ago (1994-08-23) N/A None None
Green Valley Ranch Station Casinos 143,891 sq ft (13,367.9 m2) December 18, 2001; 20 years ago (2001-12-18) 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; 45 years ago (1976-07-01) N/A The Casino (1976–1977) and Bingo Palace (1977–1984) None
Red Rock Casino, Resort & Spa Station Casinos 118,309 sq ft (10,991.3 m2) April 18, 2006; 16 years ago (2006-04-18) N/A None None
Santa Fe Station Station Casinos 151,001 sq ft (14,028.5 m2) February 14, 1991; 31 years ago (1991-02-14) October 2, 2000; 21 years ago (2000-10-02) 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; 24 years ago (1997-06-10) N/A None None
Texas Station Station Casinos 121,823 sq ft (11,317.7 m2) July 12, 1995; 26 years ago (1995-07-12) N/A None None
Graton Resort & Casino Federated Indians of Graton Rancheria 340,000 sq ft (32,000 m2) November 5, 2013; 8 years ago (2013-11-05) N/A None None
Fiesta Henderson Fiesta Casinos 73,450 sq ft (6,824 m2) February 10, 1998; 24 years ago (1998-02-10) January 4, 2001; 21 years ago (2001-01-04) The Reserve (1998–2001) Ameristar Casinos (1998–2001)
Fiesta Rancho Fiesta Casinos 59,932 sq ft (5,567.9 m2) December 14, 1994; 27 years ago (1994-12-14) January 4, 2001; 21 years ago (2001-01-04) Fiesta (1994–2001) Maloof family (1994–2001)
Wildfire Casino Wildfire Gaming 6,800 sq ft (630 m2) January 27, 2003; 19 years ago (2003-01-27) Unknown Unknown Unknown
Wildfire Lanes Wildfire Gaming 6,750 sq ft (627 m2) June 26, 2008; 13 years ago (2008-06-26) Unknown Renata's Bowling Unknown
Wildfire Boulder Wildfire Gaming 6,700 sq ft (620 m2) Unknown August 2, 2004; 17 years ago (2004-08-02) Magic Star Casino Unknown
Barley's Wildfire Gaming 5,190 sq ft (482 m2) January 18, 1996; 26 years ago (1996-01-18) N/A None None
Wildfire Sunset Wildfire Gaming 4,700 sq ft (440 m2) August 2, 2004; 17 years ago (2004-08-02) 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; 23 years ago (1998-07-06) 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[edit]

Station 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%
Palms Casino Resort Station Casinos 94,840 sq ft (8,811 m2) November 15, 2001; 20 years ago (2001-11-15) October 1, 2016; 5 years ago (2016-10-01) None Leonard Green & Partners (2011–2016), Maloof family (2001–2016) and TPG Capital (2011–2016)
Station Casinos Aliante Station 125,000 sq ft (11,600 m2) November 11, 2008; 13 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; 9 years ago (2012-11-01)
September 27, 2016; 5 years ago (2016-09-27)
No
Station Casinos Castaways 35,000 sq ft (3,300 m2) September 3, 1954; 67 years ago (1954-09-03) January 29, 2004; 18 years ago (2004-01-29) None Showboat (1954–2000) Station Casinos (2004–present) Unknown Yes October 1, 2004; 17 years ago (2004-10-01) No
Station Casinos Station Casino Kansas City 140,000 sq ft (13,000 m2) January 16, 1997; 25 years ago (1997-01-16) 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; 21 years ago (2000-12-19) No
Station Casinos Station Casino St. Charles 130,000 sq ft (12,000 m2) May 27, 1994; 27 years ago (1994-05-27) 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; 21 years ago (2000-12-19) No
United Auburn Indian Community Thunder Valley 144,500 sq ft (13,420 m2) June 9, 2003; 18 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]

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. Archived from the original on October 15, 2015. 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. ^ "Red Rock agrees $650m Palms Casino sale to San Manuel Band of Mission Indians". IGB North America. Retrieved 27 May 2021.
  15. ^ "Durango Station Casino & Resort". Mevold Studio. Archived from the original on December 14, 2014. Retrieved December 14, 2014.
  16. ^ a b "CFA - Hospitality Projects". CFA, Inc. Archived from the original on May 5, 2016. Retrieved November 28, 2014.
  17. ^ "Station Casino at the Convention Center". Emporis GmbH. Retrieved November 28, 2014.
  18. ^ "Mount Rose Station Hotel Casino". Emporis GmbH. Retrieved November 28, 2014.
  19. ^ 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]