| Type | Private |
|---|---|
| Industry | Entertainment & Hospitality |
| Founded | Las Vegas, Nevada (1976) |
| Headquarters | Summerlin Nevada |
| Key people | Frank Fertitta III, CEO |
| Products | Casino Games Resorts |
| Revenue | $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.
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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 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. 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]
| # | Brand Name | Casino | Gaming area | Date | open/acq. | 50% |
|---|---|---|---|---|---|---|
| 1 | Station Casinos | Aliante Station | 80,000 sq ft (7,400 m2) | December 12, 2008 | open | Yes |
| 2 | Station Casinos | Boulder Station | 89,443 sq ft (8,309.5 m2) | August 23, 1994 | open | |
| 3 | Station Casinos | Green Valley Ranch | 133,659 sq ft (12,417.3 m2) | December 18, 2001 | open | Yes |
| 4 | Station Casinos | Palace Station | 84,000 sq ft (7,800 m2) | July 1, 1976 | open | |
| 5 | Station Casinos | Red Rock Resort Spa and Casino | 119,309 sq ft (11,084.2 m2) | April 18, 2006 | open | |
| 6 | Station Casinos | Santa Fe Station | 156,401 sq ft (14,530.1 m2) | October 2, 2000 | acq. | |
| 7 | Station Casinos | Sunset Station | 133,409 sq ft (12,394.1 m2) | June 10, 1997 | open | |
| 8 | Station Casinos | Texas Station | 123,045 sq ft (11,431.3 m2) | July 12, 1995 | open | |
| 9 | Fiesta Casinos | Fiesta Henderson | 73,450 sq ft (6,824 m2) | January 4, 2001 | acq. | |
| 10 | Fiesta Casinos | Fiesta Rancho | 59,951 sq ft (5,569.6 m2) | January 4, 2001 | acq. | |
| 11 | Wildfire Gaming | Wildfire Casino | 6,800 sq ft (630 m2) | January 27, 2003 | acq. | Yes |
| 12 | Wildfire Gaming | Wildfire Lanes | 6,750 sq ft (627 m2) | June 26, 2008 | acq. | |
| 13 | Wildfire Gaming | Wildfire Boulder | 6,700 sq ft (620 m2) | August 2, 2004 | acq. | |
| 14 | Wildfire Gaming | Barley's | 5,190 sq ft (482 m2) | January 18, 1996 | open | Yes |
| 15 | Wildfire Gaming | Gold Rush casino | 4,700 sq ft (440 m2) | August 2, 2004 | acq. | |
| 16 | Wildfire Gaming | Lake Mead Lounge | 3,500 sq ft (330 m2) | acq. | ||
| 17 | Wildfire Gaming | The Greens Cafe | 1,088 sq ft (101.1 m2) | open | Yes | |
| 18 | Wildfire Gaming | Wild Wild West | 11,250 sq ft (1,045 m2) | July 6, 1998 | acq. | Yes |
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.
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