Station Casinos

From Wikipedia, the free encyclopedia - View original article

Station Casinos, Inc.
TypePrivate
IndustryEntertainment & Hospitality
FoundedLas Vegas, Nevada (1976)
HeadquartersSummerlin Nevada
Key peopleFrank Fertitta III, CEO
ProductsCasino Games
Resorts
RevenueIncrease $950 million USD (2009)
Employees11,500 (2005)
WebsiteStation Casinos
 
Jump to: navigation, search
Station Casinos, Inc.
TypePrivate
IndustryEntertainment & Hospitality
FoundedLas Vegas, Nevada (1976)
HeadquartersSummerlin Nevada
Key peopleFrank Fertitta III, CEO
ProductsCasino Games
Resorts
RevenueIncrease $950 million USD (2009)
Employees11,500 (2005)
WebsiteStation 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.

History[edit source | edit]

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 and their partners. 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]

UltimatePoker.com[edit source | edit]

UltimatePoker.com went online at 9AM PDT on April 30 providing online poker competitions to individuals in Nevada. The site is the first legal online poker site in the United States. The current operation is stated as a 30 day trial period to allow a shakeout of the technologies involved to determine adherence to the Nevada State Gaming Control Board's requirements for verifying that the player is physically within the state of Nevada and of the correct age.[7][8]

Casinos owned[edit source | edit]

Station Casinos
Brand NameCasinoGaming areaOpened or acquiredopen/acq.50%
Station CasinosBoulder Station700489443000000000089,443 sq ft (8,309.5 m2)01994-08-23August 23, 1994open
Station CasinosGreen Valley Ranch7005133659000000000133,659 sq ft (12,417.3 m2)02001-12-18December 18, 2001openYes
Station CasinosPalace Station700484000000000000084,000 sq ft (7,800 m2)01976-07-01July 1, 1976open
Station CasinosRed Rock Resort Spa and Casino7005119309000000000119,309 sq ft (11,084.2 m2)02006-04-18April 18, 2006open
Station CasinosSanta Fe Station7005156401000000000156,401 sq ft (14,530.1 m2)02000-10-02October 2, 2000acq.
Station CasinosSunset Station7005133409000000000133,409 sq ft (12,394.1 m2)01997-06-10June 10, 1997open
Station CasinosTexas Station7005123045000000000123,045 sq ft (11,431.3 m2)01995-07-12July 12, 1995open
Fiesta CasinosFiesta Henderson700473450000000000073,450 sq ft (6,824 m2)02001-01-04January 4, 2001acq.
Fiesta CasinosFiesta Rancho700459951000000000059,951 sq ft (5,569.6 m2)02001-01-04January 4, 2001acq.
Wildfire GamingWildfire Casino70036800000000000006,800 sq ft (630 m2)02003-01-27January 27, 2003acq.Yes
Wildfire GamingWildfire Lanes70036750000000000006,750 sq ft (627 m2)02008-06-26June 26, 2008acq.
Wildfire GamingWildfire Boulder70036700000000000006,700 sq ft (620 m2)02004-08-02August 2, 2004acq.
Wildfire GamingBarley's70035190000000000005,190 sq ft (482 m2)01996-01-18January 18, 1996openYes
Wildfire GamingWildfire Sunset70034700000000000004,700 sq ft (440 m2)02004-08-02August 2, 2004acq.
Wildfire GamingLake Mead Lounge70033500000000000003,500 sq ft (330 m2)acq.
Wildfire GamingThe Greens Cafe70031088000000000001,088 sq ft (101.1 m2)openYes
Wildfire GamingWild Wild West700411250000000000011,250 sq ft (1,045 m2)01998-07-06July 6, 1998acq.Yes

Casinos[edit source | edit]

Development sites[edit source | edit]

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.

Officers[edit source | edit]

References[edit source | edit]

  1. ^ "Interactive Map Viewer." City of Las Vegas. Retrieved on June 5, 2009.
  2. ^ "Map." Station Casinos. Retrieved on June 5, 2009.
  3. ^ "Founders Lead Station Casinos Bid". Forbes. December 4, 2006. 
  4. ^ Knightly, Arnold. "GOING PRIVATE: Fertittas will cash, take stake". Las Vegas Review-Journal. Retrieved 2007-05-08. 
  5. ^ "Station Casinos files for Chapter 11". 
  6. ^ http://amlawdaily.typepad.com/amlawdaily/2011/06/stationcasinosexit.html
  7. ^ TIMOTHY PRATT (May 2, 2013). "Las Vegas Web Site Is Test for Legal Online Gambling". The New York Times. Retrieved May 6, 2013. 
  8. ^ Reid Cherner (April 30, 2013). "Online gaming in USA underway". USA Today. Retrieved May 6, 2013. 

External links[edit source | edit]