Station Casinos
 | |
| Limited liability company | |
| Industry | Gaming & hospitality |
| Founded |
July 1, 1976 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 |
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, Cannery Casino Resorts and American Casino & Entertainment Properties, 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. (NASDAQ: RRR) 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, 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 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.[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 hold 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]
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Casinos owned
| Brand Name | Casino | Gaming area | Opened or acquired | open/acq. | 50% |
|---|---|---|---|---|---|
| Station Casinos | Boulder Station | 89,443 sq ft (8,309.5 m2) | August 23, 1994 | open | |
| Station Casinos | Green Valley Ranch | 143,891 sq ft (13,367.9 m2) | December 18, 2001 | open | |
| Station Casinos | Mount Rose Station | 165,000 sq ft (15,300 m2) | – | – | |
| Station Casinos | Palace Station | 84,000 sq ft (7,800 m2) | July 1, 1976 | open | |
| Station Casinos | Palms Casino Resort | 94,840 sq ft (8,811 m2) | October 1, 2016 | acq. | |
| Station Casinos | Red Rock Resort | 118,309 sq ft (10,991.3 m2) | April 18, 2006 | open | |
| Station Casinos | Santa Fe Station | 156,401 sq ft (14,530.1 m2) | October 2, 2000 | acq. | |
| Station Casinos | Station Casino Reno | 84,000 sq ft (7,800 m2) | – | – | |
| Station Casinos | Sunset Station | 162,173 sq ft (15,066.4 m2) | June 10, 1997 | open | |
| Station Casinos | Texas Station | 123,045 sq ft (11,431.3 m2) | July 12, 1995 | open | |
| Federated Indians of Graton Rancheria | Graton | 340,000 sq ft (32,000 m2) | November 5, 2013 | open | |
| Fiesta Casinos | Fiesta Henderson | 73,450 sq ft (6,824 m2) | January 4, 2001 | acq. | |
| Fiesta Casinos | Fiesta Rancho | 59,932 sq ft (5,567.9 m2) | January 4, 2001 | acq. | |
| Wildfire Gaming | Wildfire Casino | 6,800 sq ft (630 m2) | January 27, 2003 | acq. | |
| Wildfire Gaming | Wildfire Lanes | 6,750 sq ft (627 m2) | June 26, 2008 | acq. | |
| Wildfire Gaming | Wildfire Boulder | 6,700 sq ft (620 m2) | August 2, 2004 | acq. | |
| Wildfire Gaming | Barley's | 5,190 sq ft (482 m2) | January 18, 1996 | open | |
| Wildfire Gaming | Wildfire Sunset | 4,700 sq ft (440 m2) | August 2, 2004 | acq. | |
| Wildfire Gaming | Lake Mead Lounge | 3,500 sq ft (330 m2) | acq. | ||
| Wildfire Gaming | The Greens Cafe | 1,088 sq ft (101.1 m2) | open | ||
| Wildfire Gaming | Wild Wild West | 11,250 sq ft (1,045 m2) | July 6, 1998 | acq. |
- 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
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
- Flamingo Road – At Clark County 215 and Town Center Drive in Summerlin South.
- 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.[14]
- Siena – Across from the Siena age-restricted community on Town Center Drive in Summerlin.
- 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.
- Reno area
- Station Casino Reno – Across from the Reno-Sparks Convention Center, at the intersection of Kietzke Lane and South Virginia Street. An 8-acre (3.2 ha) site acquired in 2005.[15][16]
- Mount Rose Station – Across from The Summit, at the intersection of Mount Rose Highway and South Virginia Street. An 88-acre (36 ha) site acquired in 2005.[15][17][18]
Officers
- Station Casinos
- Frank Fertitta III, Chairman & CEO
- Marc Falcone, CFO
- Scott Nielson, CDO
- Rich Haskins, General Counsel
References
- ↑ Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 51 – via EDGAR.
- ↑ Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. pp. 117–118 – via EDGAR.
- ↑ Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 15 – via EDGAR.
- ↑ "Interactive Map Viewer". City of Las Vegas. Retrieved November 28, 2014.
- ↑ "Map". Station Casinos. Retrieved November 28, 2014.
- ↑ 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. 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. Retrieved May 10, 2016 – via EDGAR.
- ↑ "Durango Station Casino & Resort". Mevold Studio. Archived from the original on December 14, 2014. Retrieved December 14, 2014.
- 1 2 "CFA - Hospitality Projects". CFA, Inc. Archived from the original on May 5, 2016. Retrieved November 28, 2014.
- ↑ "Station Casino at the Convention Center". Emporis GmbH. Retrieved November 28, 2014.
- ↑ "Mount Rose Station Hotel Casino". Emporis GmbH. Retrieved November 28, 2014.
- ↑ Voyles, Susan (October 28, 2010). "Proposed Station casino receives 5-year extension". Reno Gazette-Journal. Archived from the original on November 29, 2014. Retrieved November 28, 2014.