Station Casinos is a gaming company based in the Las Vegas suburb of Summerlin, Nevada, founded by Frank Fertitta, Jr. Station Casinos, along with Affinity Gaming, Boyd Gaming, 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.
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. 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. 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 Forbes' 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, and 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 had 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 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 with an additional 15 percent, according to lawyers on the deal.
Station announced in October 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.
In May 2016, Station agreed to purchase the Palms Casino Resort for $313 million.
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.