Station Casinos
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. (Nasdaq: RRR) is a publicly traded holding company that owns a portion of Station Casinos.
 | |
| 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 | Nevada |
Key people | Frank Fertitta III (CEO) Lorenzo Fertitta (Chairman) |
| 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 | Wildfire Gaming |
| Website | stationcasinos |
 | |
| 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.
In 2005, there were plans to develop 2 casinos in Reno: Station Casino Reno and Mount Rose Station. In 2020, the land was sold.[6][7][8]
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.[9] 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.[10]
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.[11]
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.[12]
Station Casinos announced on October 13, 2015, that it would return to the stock market with an initial public offering.[13] 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.[14]
On May 10, 2016, Station Casinos agreed to purchase the Palms Casino Resort for $313 million.[15][16] In May 2021 Station's affiliate Red Rock Resorts announced plans to sell The Palms to the San Manual Band of Mission Indians.[17]
In 2021, Station's parent company, Red Rock Resorts, announced plans to proceed with Durango (hotel and casino) once again. Construction began in early 2022, and Durango is expected to be finished by late 2023.
Station announced on July 15, 2022 that it would demolish its closed properties, including the Texas Station and Fiesta. It would subsequently sell the land to finance future projects.[18][19] Demolition was underway in September 2022,[20] and was viewed by analysts as a defensive move to prevent future competition from gaming rivals.[21][22]
On September 2, 2022, Station announced that it would close and demolish Wild Wild West to prepare the 20-acre site for future development, in connection with adjoining acreage.[23][24] It closed on September 7, 2022.[25][26]
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 |
| 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 |
| 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) |
| Sunset Station | Station Casinos | 162,173 sq ft (15,066.4 m2) | June 10, 1997 | N/A | None | None |
| Wildfire Rancho | 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 |
| Wildfire Lake Mead | Wildfire Gaming | 3,500 sq ft (330 m2) | Unknown | Unknown | Unknown | Unknown |
| Wildfire Anthem | Wildfire Gaming | 3,500 sq ft (330 m2) | Unknown | Unknown | Unknown | Unknown |
| Wildfire Valley View | 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 |
- Although not branded fully separately, Green Valley Ranch 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% |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | |||||
| 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) | |||||
| Wild Wild West Gambling Hall & Hotel | Wildfire Gaming | 11,250 sq ft (1,045 m2) | July 6, 1998 | Unknown | Unknown | Unknown | |||||
| 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
- Losee Station[27]
- Flamingo Road – At Clark County 215 and Town Center Drive in Summerlin South.
- 5 acres on Fremont Street at Showboat Hotel and Casino[28]
- 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.[29]
- 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.
- 40 acres at Tule Springs
- 45 acres at Inspirada
- A site at Skye Canyon
- A site at Cactus and Las Vegas Boulevard [30]
Officers
- Station Casinos
- Frank Fertitta III, Chief Executive Officer and President
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.
- "Station Casinos sells big land tract in Reno". 2 December 2021.
- "Station announce plans to build casino in Reno". 2 August 2016.
- "Station Casinos Parting with 97 Reno Acres, Including Site of Unrealized Casino". 9 September 2020.
- 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. Archived from the original on October 15, 2015. 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.
- "Red Rock agrees $650m Palms Casino sale to San Manuel Band of Mission Indians". IGB North America. Retrieved 27 May 2021.
- Velotta, Richard N. (July 15, 2022). "Station Casinos to demolish 3 closed properties, sell land". Las Vegas Review-Journal. Retrieved July 18, 2022.
- Lacanlale, Rio (July 15, 2022). "These Nevada casinos never reopened after the shutdown. Now they're slated for demolition". Reno Gazette Journal. Retrieved July 18, 2022.
- Segall, Eli (September 2, 2022). "Station Casinos starts demolition process for 3 shuttered hotels". Las Vegas Review-Journal. Retrieved September 3, 2022.
- Ross, McKenna; Velotta, Richard N. (July 16, 2022). "High hopes emerge for land after Station demolishes casinos". Las Vegas Review-Journal. Retrieved July 18, 2022.
- Dimanche, Kay (July 15, 2022). "Former Texas Station employee sad to see end of three Las Vegas valley casinos". KSNV. Retrieved July 18, 2022.
- Cruz, Martha (2022-09-02). "Red Rock Resorts announces the closure, demolition of Wild Wild West Gambling Hall". KSNV. Retrieved 2022-09-03.
- Barnes, Jim (2022-09-02). "Station Casinos closing another Las Vegas property". Las Vegas Review-Journal. Retrieved 2022-09-03.
- Stutz, Howard (2022-09-02). "Red Rock Resorts to close and demolish its fourth casino for future development". The Nevada Independent. Retrieved 2022-09-03.
- Horwath, Bryan (2022-09-02). "Wild Wild West to close for good, Station Casinos says". Las Vegas Sun. Retrieved 2022-09-03.
- "Las Vegas Planning Commission votes in favor of Station Casinos resort near 215, Losee". 16 September 2022.
- "Station Casinos plans new Wildfire location near downtown Las Vegas".
- "Durango Station Casino & Resort". Mevold Studio. Archived from the original on December 14, 2014. Retrieved December 14, 2014.
- https://www.stationcasinosblog.com/2022/08/letter-to-team-members/