Station Casinos
Encyclopedia
Station Casinos Inc. is a gaming company based in the Las Vegas
suburb of Summerlin
, Nevada
, founded by Frank Fertitta Jr.
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.
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. 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. 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. 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.
Las Vegas, Nevada
Las Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
suburb of Summerlin
Summerlin, Nevada
Summerlin is an affluent master-planned community under development by The Howard Hughes Corporation in the Las Vegas metropolitan area of Nevada near the Spring Mountains and Red Rock Canyon National Conservation Area. It lies partially within the city limits of Las Vegas, Nevada, and in...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, founded by Frank Fertitta Jr.
Station Casinos along with Boyd Gaming
Boyd Gaming
Boyd Gaming Corporation is a Paradise, Nevada based business engaged in the development, ownership and operation of hotels and casinos throughout the United States...
, Cannery Casino Resorts
Cannery Casino Resorts
Cannery Casino Resorts, a North Las Vegas gaming company, is owned by Millennium Gaming and Oaktree Capital Management.- History :William Wortman and Renate Schiff who owned the Nevada Palace announced on September 8, 2006 they would convert the Nevada Palace casino into a newly constructed...
, American Casino & Entertainment Properties
American Casino & Entertainment Properties
American Casino & Entertainment Properties is a casino holding company headquartered at the Stratosphere Las Vegas. ACEP was a wholly owned subsidiary of American Real Estate Partners before it was sold to Whitehall Street Real Estate Funds in February 2008...
, and Herbst Gaming
Herbst Gaming
Affinity Gaming, formerly known as Herbst Gaming, is a casino and slot route operator based in Paradise, Nevada, United States that operates under the name Terrible's...
, dominate the Locals
Locals casino
A locals casino is a casino designed primarily to attract residents of the area in which it was built rather than tourists or vacationers. The term is most commonly associated with casinos in Nevada, USA, to distinguish them from casinos that target mostly tourists in a central area.- Overview...
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.
History
The company started out as a locals casinoLocals casino
A locals casino is a casino designed primarily to attract residents of the area in which it was built rather than tourists or vacationers. The term is most commonly associated with casinos in Nevada, USA, to distinguish them from casinos that target mostly tourists in a central area.- Overview...
operator in 1976 opening the Bingo Palace. This establishment was later renamed Palace Station
Palace Station
Palace Station is a hotel and casino in Las Vegas, Nevada. It is a locals casino that is owned and operated by Station Casinos and has 1,028 rooms...
. The company went public with an IPO in 1993.
On December 4, 2006, Frank Fertitta III
Frank Fertitta III
Frank J. Fertitta III is current CEO of Station Casinos. He is also an owner of Zuffa LLC, which is the entity that runs the Ultimate Fighting Championship . Fertitta resides in Las Vegas with his wife Jill and three children.-Education:...
, Lorenzo Fertitta
Lorenzo Fertitta
Lorenzo Joseph Fertitta is an American businessman, casino executive, sports promoter and entrepreneur. Fertitta resides in Las Vegas with his wife Teresa and three children.- Education :...
, and Colony Capital LLC
Colony Capital LLC
Colony Capital is a private, international investment firm based in Los Angeles, California. The company, founded in 1991, has over 250 employees operating in 11 offices around the world. The company focuses on real estate opportunities around the world either on its own, through funds run by the...
, 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 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. As of November 7, 2007, the company's stock (old symbol STN) was no longer listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
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. 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
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
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.
Officers
- Station Casinos
- Frank Fertitta IIIFrank Fertitta IIIFrank J. Fertitta III is current CEO of Station Casinos. He is also an owner of Zuffa LLC, which is the entity that runs the Ultimate Fighting Championship . Fertitta resides in Las Vegas with his wife Jill and three children.-Education:...
, Chairman & CEO - Tom Friel, CFO
- Scott Nielson, CDO
- Kevin Kelley, COO
- Rich Haskins, General Counsel
- Frank Fertitta III
Casinos owned
| # | Brand Name!! Casino !!Gaming area!!Date !!open/acq.!!50% | |||||
|---|---|---|---|---|---|---|
| 1 | Station Casinos | Aliante Station Aliante Station Aliante Station Casino and Hotel is a locals casino located in North Las Vegas, Nevada. The Casino is owned by Station Casinos Inc. and The Greenspun Corporation.-History:... |
80000 sq ft (7,432.2 m²) | open | Yes | |
| 2 | Station Casinos | Boulder Station Boulder Station Boulder Station is a casino and hotel located in Sunrise Manor, Nevada on Boulder Highway. Owned by Station Casinos, the hotel opened on August 23, 1994, and has a casino... |
89443 sq ft (8,309.5 m²) | open | ||
| 3 | Station Casinos | Green Valley Ranch Green Valley Ranch resort and spa Green Valley Ranch Resort and Spa is a hotel, casino, and resort spa located in the Green Valley planned community in Henderson, Nevada. It is a joint venture of Station Casinos and The Greenspun Corporation , each entity holds a 50% stake in the property.The property offers 8 restaurants, a ... |
133659 sq ft (12,417.3 m²) | open | Yes | |
| 4 | Station Casinos | Palace Station Palace Station Palace Station is a hotel and casino in Las Vegas, Nevada. It is a locals casino that is owned and operated by Station Casinos and has 1,028 rooms... |
84000 sq ft (7,803.9 m²) | open | ||
| 5 | Station Casinos | Red Rock Resort Spa and Casino Red Rock Resort Spa and Casino Red Rock Resort Spa and Casino is a resort spa and casino owned by Station Casinos on located in the Summerlin village of Summerlin Centre in Summerlin, Nevada. Red Rock is located far off of the Las Vegas Strip; it is known as a locals casino. Located on Charleston Boulevard at the interchange of... |
119309 sq ft (11,084.2 m²) | open | ||
| 6 | Station Casinos | Santa Fe Station Santa Fe Station Santa Fe Station is a locals casino located on Rancho Drive in Las Vegas, Nevada. The casino is owned by Station Casinos and is located on of land.-History:... |
156401 sq ft (14,530.1 m²) | acq. | ||
| 7 | Station Casinos | Sunset Station Sunset Station Sunset Station is a hotel and locals casino owned by Station Casinos on ninety-eight acres in Henderson, Nevada. Sunset Station is an off-strip locals casino located on Sunset Road near Interstate 515, across from the Galleria at Sunset shopping center.... |
133409 sq ft (12,394.1 m²) | open | ||
| 8 | Station Casinos | Texas Station Texas Station Texas Station Hotel and Casino is a locals casino and hotel located on Rancho Drive in North Las Vegas, Nevada. The casino is owned by Station Casinos.... |
123045 sq ft (11,431.3 m²) | open | ||
| 9 | Fiesta Casinos | Fiesta Henderson | 73450 sq ft (6,823.7 m²) | acq. | ||
| 10 | Fiesta Casinos | Fiesta Rancho | 59951 sq ft (5,569.6 m²) | acq. | ||
| 11 | Wildfire Gaming | Wildfire Casino | 6800 sq ft (631.7 m²) | acq. | Yes | |
| 12 | Wildfire Gaming | Wildfire Lanes | 6750 sq ft (627.1 m²) | acq. | ||
| 13 | Wildfire Gaming | Wildfire Boulder | 6700 sq ft (622.5 m²) | acq. | ||
| 14 | Wildfire Gaming | Barley's | 5190 sq ft (482.2 m²) | open | Yes | |
| 15 | Wildfire Gaming | Gold Rush casino | 4700 sq ft (436.6 m²) | acq. | ||
| 16 | Wildfire Gaming | Lake Mead Lounge | 3500 sq ft (325.2 m²) | acq. | ||
| 17 | Wildfire Gaming | The Greens Cafe | 1088 sq ft (101.1 m²) | open | Yes | |
| 18 | Wildfire Gaming | Wild Wild West Wild Wild West casino The Wild Wild West Gambling Hall & Hotel hotel and casino is owned and operated by Station Casinos in Paradise, Nevada. While the casino and adjoining 260 room hotel are rather small, the site is over in size.... |
11250 sq ft (1,045.2 m²) | acq. | Yes |
- 50% joint ownership is with Greenspun Corporation
- Although not branded separately, Green Valley Ranch, Aliante and Red Rock Casinos 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
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 215Interstate 215 (Nevada)The Las Vegas Beltway is the name of the beltway route circling three-quarters of the Las Vegas Valley in southern Nevada. The Las Vegas Beltway carries two numerical designations. Approximately of the beltway, from its southern terminus at Interstate 515/U.S. Route 93/U.S...
and Town Center Drive, Summerlin - A site located near Cactus Road on the South Las Vegas Blvd.
- Durango Station On South Durango Drive at Clark County 215 near the Rhodes RanchRhodes Ranchthumb|right|Golf Course ViewRhodes Ranch is a guard gated, golf course community located in the southwest Las Vegas metropolitan area.Rhodes Ranch is at the base of the Spring Mountains and located 12 miles from the Las Vegas Strip with a course designed by architect Ted Robinson. The community is...
planned community. Announced plans for a bowling alley and movie theaterMovie theaterA movie theater, cinema, movie house, picture theater, film theater is a venue, usually a building, for viewing motion pictures ....
at this location. The design is shown to be similar to the of Red Rock Station. - Siena-Across from the Siena age-restricted communityAge-restricted communityAn age-restricted community or age-segregated community is a housing area, often gated, that restricts ownership to individuals who are over a set age. Often the minimum age is 50 years, but it could be 55 or even 60....
on Town Center Drive, Summerlin. - Station Casinos continues to own the land that the former CastawaysCastaways hotel and casinoThe Castaways hotel and casino was a hotel and casino located at the north end of the Boulder Strip in Las Vegas, Nevada. The hotel consisted of a 19 story tower containing 445 rooms, a casino and an adjacent RV park.-History:...
(Boulder Highway location) used to stand on. - The Wild Wild West hotel on West Tropicana. Due to the special proximity of this site to the Las Vegas Strip, Station intends to build a tourist oriented megaresort on this site.
- Flamingo Road-At Clark County 215
- Reno area
- Convention Center- Across from the Reno-Sparks Convention Center. An 8 acres (3.2 ha) site acquired in 2005.
- Geiger Grade-At the intersection of Geiger Grade Road and South Virginia Street. A 96 acres (38.8 ha) site acquired in 2005.
- Mt. Rose-At the intersection of Mt. Rose HighwayNevada State Route 431State Route 431 , commonly known as the Mount Rose Highway, is a 24.4 mile two lane highway in Washoe County, Nevada that connects Incline Village-Crystal Bay at Lake Tahoe with Reno. The highway, a Nevada Scenic Byway, takes its name from Mount Rose, which lies just off the highway...
and US 395U.S. Route 395 in NevadaIn the U.S. state of Nevada, U.S. Route 395 clips a corner of Nevada near Lake Tahoe and serves the cities of Gardnerville, Minden, Carson City and Reno. Most of US 395 north of Carson City is a freeway and is built up to Interstate standards. Part of the freeway section is also currently...
. A 50 acres (20.2 ha) site acquired in 2005. Not gaming entitled.
- California
- Rohnert Park, Sonoma County. A joint development project with the Federated Indians of Graton RancheriaFederated Indians of Graton RancheriaThe Federated Indians of Graton Rancheria, formerly known as the Federated Coast Miwok, is a federally recognized American Indian tribe of Coast Miwok and Southern Pomo Indians. The tribe was officially restored to federal recognition by the U.S. government pursuant to the Graton Rancheria...
.
- Rohnert Park, Sonoma County. A joint development project with the Federated Indians of Graton Rancheria