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. 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. () is a publicly traded holding company that owns a portion of Station Casinos.

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.

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. 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.

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.

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.

Station Casinos announced on October 13, 2015, that it would return to the stock market with an initial public offering. 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.

On May 10, 2016, Station Casinos agreed to purchase the Palms Casino Resort for $313 million. In May 2021 Station's affiliate Red Rock Resorts announced plans to sell The Palms to the San Manual Band of Mission Indians.

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. Demolition was underway in September 2022, and was viewed by analysts as a defensive move to prevent future competition from gaming rivals.

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. It closed on September 7, 2022.

Current casinos

* 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

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
** Flamingo Road – At Clark County 215 and Town Center Drive in Summerlin South.
** 5 acres on Fremont Street at Showboat Hotel and Casino
** 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.
** 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 https://www.stationcasinosblog.com/2022/08/letter-to-team-members/

Officers

* Station Casinos
** Frank Fertitta III, Chief Executive Officer and President

References

External links

*

{{Station Casinos

1976 establishments in Nevada
2007 mergers and acquisitions
Companies based in Summerlin, Nevada
Companies that filed for Chapter 11 bankruptcy in 2009
Gambling companies of the United States
Hospitality companies of the United States
1993 initial public offerings