Station Casinos

Station Casinos, LLC is an American hotel and casino company based in Las Vegas suburb of Summerlin South, Nevada, and founded by Frank Fertitta Jr.[4][5] Station Casinos, along with Affinity Gaming, Boyd Gaming and Golden Entertainment, 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 Casinos 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.

Station Casinos, LLC
TypeLimited liability company
IndustryGaming and hospitality
FoundedJuly 1, 1976 (1976-07-01)
Las Vegas, Nevada, U.S.
FounderFrank Fertitta Jr.
HeadquartersSummerlin South, Nevada, U.S.
Area served
Nevada
Key people
Frank Fertitta III (CEO and president)
Lorenzo Fertitta (chairman)
RevenueUS$1.38 billion (2014)[1]
OwnerFrank Fertitta III (29%)
Lorenzo Fertitta (29%)
Deutsche Bank (25%)
Fidelity Investments (9%)
Oaktree Capital Management (6%)[2]
Number of employees
11,600 (2015)[3]
DivisionsWildfire Gaming
Websitestationcasinos.com
Red Rock Resorts, Inc.
Nasdaq: RRR (Class A)
Russell 2000 Component
FoundedApril 26, 2016 (2016-04-26)
Websiteredrockresorts.com

History

The company started out as a locals casino operator on July 1, 1976, founded by Frank Fertitta Jr. Its first casino was the Bingo Palace, which was later renamed Palace Station.

In 2005, there were plans to develop 2 casinos in Reno: Station Casino Reno and Mount Rose Station. In 2020, the land was sold.[6][7][8]

On December 4, 2006, Fertitta's sons, Frank Fertitta III and 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.[9] 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.[10]

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.[11]

Station Casinos exited bankruptcy on June 17, 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.[12]

Station Casinos announced on October 13, 2015, that it would return to the stock market with an initial public offering.[13] 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.[14]

In 2016, Station Casinos purchased the Palms Casino Resort for $313 million.[15][16] The company then spent more than $600 million on renovations, which failed to restore the resort to its former prominence.[17][18] The Palms was sold to the San Manuel Band of Mission Indians in 2021, for $650 million.[19][20] That year, the company announced that it would proceed with Durango, a long-planned resort in the southwest Las Vegas Valley.[21][22] Completion is expected by the end of 2023.[23]

Several casino properties in the Las Vegas Valley – Texas Station, Fiesta Rancho, and Fiesta Henderson – were closed in 2020 amid the COVID-19 pandemic and never reopened. Station announced in 2022 that it would demolish the properties and sell the land to finance future projects.[24][25] The demolition was viewed by analysts as a defensive move to prevent future competition from gaming rivals.[26][27] Station also announced in 2022 that it would close and demolish its Wild Wild West Gambling Hall & Hotel, located in the Las Vegas Valley as well. The site will be redeveloped in connection with adjoining acreage.[28][29][30]

Wildfire Gaming is a division of Station that operates small casinos around the Las Vegas Valley.[31][32] Wildfire-branded casinos are smaller than Station's other properties and lack hotel rooms.[33] The original property, known simply as Wildfire Casino, opened in 2001.[34][35][36] Station purchased the 20,000 sq ft (1,900 m2) casino in 2003,[37] and opened additional Wildfire casinos starting in 2008.[38][39] A 21,000 sq ft (2,000 m2) Wildfire was opened in downtown Las Vegas in 2023.[40][41] It was built on five acres, occupying a portion of the former Castaways Hotel and Casino site, which Station had purchased in 2004.[42][43] Compared to previous Wildfire casinos, the new location features a more upscale design which will be integrated into existing and future locations.[44][45]

Current casinos
Station Casinos
CasinoGaming areaOpening dateNotes
Boulder Station89,443 sq ft (8,309.5 m2)August 23, 1994 (1994-08-23)
Green Valley Ranch143,891 sq ft (13,367.9 m2)December 18, 2001 (2001-12-18)
Palace Station84,000 sq ft (7,800 m2)July 1, 1976 (1976-07-01)Previously operated as The Casino (1976–1977) and Bingo Palace (1977–1984)
Red Rock Casino, Resort & Spa118,309 sq ft (10,991.3 m2)April 18, 2006 (2006-04-18)
Santa Fe Station151,001 sq ft (14,028.5 m2)February 14, 1991 (1991-02-14)Originally opened as the Santa Fe. It was sold to Station in 2000 and renamed Santa Fe Station.
Sunset Station162,173 sq ft (15,066.4 m2)June 10, 1997 (1997-06-10)
Wildfire Rancho6,800 sq ft (630 m2)December 27, 2001 (2001-12-27)[36]Originally opened as the Wildfire Casino, it was sold to Station in 2003.[37][36] It was the first in the Wildfire chain.
Wildfire Lanes6,750 sq ft (627 m2)June 26, 2008 (2008-06-26)Previously known as Renata's.[38]
Wildfire Boulder6,700 sq ft (620 m2)June 26, 2008 (2008-06-26)Previously known as the Magic Star Casino, and acquired by Station in 2004.[46][47]
Barley's5,190 sq ft (482 m2)January 18, 1996 (1996-01-18)Part of Wildfire Gaming
Wildfire Sunset4,700 sq ft (440 m2)August 2, 2012 (2012-08-02)Acquired by Station in 2004.[46][47] Previously known as The Gold Rush, it was rebranded under the Wildfire name in 2012.[48][31]
Wildfire Lake Mead3,500 sq ft (330 m2)June 6, 2014 (2014-06-06)[49]Previously operated as the Lake Mead Lounge.[49]
Wildfire Anthem3,500 sq ft (330 m2)2013[33]Previously known as Doc Hollidays before being acquired by Station in 2013.[33]
Wildfire Valley View3,500 sq ft (330 m2)2013[33]Previously operated as the Lift Bar before being acquired by Station in 2013.[33]
Wildfire on Fremont[50]21,000 sq ft (2,000 m2)[40]February 10, 2023 (2023-02-10)[40]
The Greens Cafe1,088 sq ft (101.1 m2)1991[51]Acquired by Station in 2005.[51] Part of Wildfire Gaming.
  • Although not branded fully separately, Green Valley Ranch and Red Rock Resort are in a distinctly different upscale market niche from the other Station Casinos.

Former casinos
Station Casinos
CasinoGaming areaOpening dateNotes
Texas Station121,823 sq ft (11,317.7 m2)July 12, 1995 (1995-07-12)Closed in 2020 due to the COVID-19 pandemic and demolished in 2022.
Graton Resort & Casino340,000 sq ft (32,000 m2)November 5, 2013 (2013-11-05)Operated through a seven-year deal (2013-2020) with the Federated Indians of Graton Rancheria, which owns the resort.
Fiesta Henderson73,450 sq ft (6,824 m2)February 10, 1998 (1998-02-10)Originally opened as The Reserve, and purchased in 2001 by Station, which renamed it that year as Fiesta Henderson. Closed in 2020 due to the COVID-19 pandemic and demolished in 2022.
Fiesta Rancho59,932 sq ft (5,567.9 m2)December 14, 1994 (1994-12-14)Originally opened by the Maloof family as the Fiesta. In 2001, it was purchased by Station and renamed Fiesta Rancho. Closed in 2020 due to the COVID-19 pandemic and demolished in 2022.
Palms Casino Resort94,840 sq ft (8,811 m2)November 15, 2001 (2001-11-15)Originally opened by the Maloof family, with Station holding a six-percent ownership stake. Station later bought the resort in 2016, before selling to the San Manuel Band of Mission Indians in 2021.
Wild Wild West Gambling Hall & Hotel11,250 sq ft (1,045 m2)July 13, 1998 (1998-07-13)Originally opened in 1974, as the King 8. In 1998, it was purchased by Station and renamed the Wild Wild West. It closed in 2022 for future redevelopment.
Aliante Station125,000 sq ft (11,600 m2)November 11, 2008 (2008-11-11)Sold to a holding company in 2011, following Station's bankruptcy two years earlier. Station continued operating the resort until 2012, when it was renamed Aliante Casino and Hotel.
Castaways35,000 sq ft (3,300 m2)September 3, 1954 (1954-09-03)Closed in 2004 and purchased later that year by Station, which subsequently demolished it. A Wildfire casino now occupies a portion of the site.
Station Casino Kansas City140,000 sq ft (13,000 m2)January 16, 1997 (1997-01-16)In 2000, it was sold to Ameristar Casinos and renamed Ameristar Casino Kansas City.
Station Casino St. Charles130,000 sq ft (12,000 m2)May 27, 1994 (1994-05-27)Sold and renamed in 2000, following a purchase by Ameristar Casinos.
Thunder Valley144,500 sq ft (13,420 m2)June 9, 2003 (2003-06-09)Owned by the United Auburn Indian Community, and operated by Station from 2003 to 2010.

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.

References
  1. Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 51. Archived from the original on May 17, 2015 – via EDGAR.
  2. Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. pp. 117–118. Archived from the original on May 17, 2015 – via EDGAR.
  3. Form 10-K: Annual Report (Report). Station Casinos LLC. March 10, 2015. p. 15. Archived from the original on May 17, 2015 – via EDGAR.
  4. "Interactive Map Viewer". City of Las Vegas. Retrieved November 28, 2014.
  5. "Map". Station Casinos. Retrieved November 28, 2014.
  6. "Station Casinos sells big land tract in Reno". 2 December 2021.
  7. "Station announce plans to build casino in Reno". 2 August 2016.
  8. "Station Casinos Parting with 97 Reno Acres, Including Site of Unrealized Casino". 9 September 2020.
  9. Lipton, Joshua (December 4, 2006). "Founders Lead Station Casinos Bid". Forbes. Retrieved November 28, 2014.
  10. Knightly, Arnold M. (May 8, 2007). "Fertittas will cash, take stake". Las Vegas Review-Journal. Retrieved November 28, 2014.
  11. Knightly, Arnold M. (July 28, 2009). "Station Casinos files for Chapter 11". Las Vegas Review-Journal. Retrieved November 28, 2014.
  12. Triedman, Julie (June 20, 2011). "After Two Rocky Years, Station Casinos Exits Bankruptcy". The Am Law Daily. Retrieved November 28, 2014.
  13. Stutz, Howard (October 13, 2015). "Station Casinos announces plans for an initial public offering". Las Vegas Review-Journal. Archived from the original on October 15, 2015. Retrieved October 14, 2015.
  14. 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.
  15. Morris, J.D. (May 10, 2016). "Palms sold to Station Casinos for $312.5 million". Vegas Inc. Retrieved May 10, 2016.
  16. "Red Rock Resorts announces agreement to acquire Palms Casino Resort" (Press release). Red Rock Resorts. May 10, 2016. Archived from the original on June 25, 2016. Retrieved May 10, 2016 – via EDGAR.
  17. Palmeri, Christopher (May 4, 2021). "California Tribe Buys Palms Casino in Vegas for $650 Million". Bloomberg. Retrieved March 17, 2023.
  18. Schulz, Bailey (May 24, 2021). "Nearly 20 years later, trailblazing Palms awaits new chapter". Las Vegas Review-Journal. Retrieved March 17, 2023.
  19. "Red Rock agrees $650m Palms Casino sale to San Manuel Band of Mission Indians". IGB North America. 4 May 2021. Retrieved 27 May 2021.
  20. Velotta, Richard N. (December 16, 2021). "Gaming Commission OKs license for tribe to own, operate Palms". Las Vegas Review-Journal. Retrieved March 17, 2023.
  21. Segall, Eli (May 8, 2021). "Station Casinos looks — again — to develop long-held property". Las Vegas Review-Journal. Retrieved March 17, 2023.
  22. Shoro, Mike (July 28, 2021). "Station Casinos reveals plans for long-awaited southwest valley casino". Las Vegas Review-Journal. Retrieved March 17, 2023.
  23. McCarver, Katie Ann (October 17, 2022). "Even as Station Casinos celebrates Durango Resort construction milestone, company eyes next project". VegasInc. Retrieved March 17, 2023.
  24. Velotta, Richard N. (July 15, 2022). "Station Casinos to demolish 3 closed properties, sell land". Las Vegas Review-Journal. Retrieved July 18, 2022.
  25. Lacanlale, Rio (July 15, 2022). "These Nevada casinos never reopened after the shutdown. Now they're slated for demolition". Reno Gazette Journal. Retrieved July 18, 2022.
  26. Ross, McKenna; Velotta, Richard N. (July 16, 2022). "High hopes emerge for land after Station demolishes casinos". Las Vegas Review-Journal. Retrieved July 18, 2022.
  27. Dimanche, Kay (July 15, 2022). "Former Texas Station employee sad to see end of three Las Vegas valley casinos". KSNV. Retrieved July 18, 2022.
  28. Cruz, Martha (2022-09-02). "Red Rock Resorts announces the closure, demolition of Wild Wild West Gambling Hall". KSNV. Retrieved 2022-09-03.
  29. Barnes, Jim (2022-09-02). "Station Casinos closing another Las Vegas property". Las Vegas Review-Journal. Retrieved 2022-09-03.
  30. Stutz, Howard (2022-09-02). "Red Rock Resorts to close and demolish its fourth casino for future development". The Nevada Independent. Retrieved 2022-09-03.
  31. Sieroty, Chris (August 29, 2012). "Wildfire Gaming to open fourth casino, Wildfire Sunset in Henderson". Las Vegas Review-Journal. Retrieved March 17, 2023.
  32. Segall, Eli (December 13, 2021). "Station Casinos pitching project near downtown Las Vegas". Las Vegas Review-Journal. Retrieved March 17, 2023.
  33. Komenda, Ed (August 1, 2013). "Station turning two neighborhood bars into Wildfire Casinos". VegasInc. Retrieved March 17, 2023.
  34. "Groundbreaking set for Friday". Las Vegas Sun. March 21, 2001. Retrieved March 17, 2023.
  35. Simpson, Jeff (December 26, 2001). "Casino's changes complete: Wildfire to replace storied Ernie's bar". Las Vegas Review-Journal. Archived from the original on January 29, 2002.
  36. Simpson, Jeff (January 6, 2002). "Nevadan at Work: John Bauchman, Owner, Ernie's bar and Wildfire Casino". Las Vegas Review-Journal. Archived from the original on October 15, 2002.
  37. Benston, Liz (January 15, 2003). "Station signs agreement to acquire Wildfire Casino". Las Vegas Sun. Retrieved March 17, 2023.
  38. "Two new Wildfire casinos to open". Las Vegas Sun. June 24, 2008. Retrieved March 17, 2023.
  39. "DooWop, KISS add sizzle to summer". Las Vegas Review-Journal. July 16, 2008. Retrieved March 17, 2023.
  40. Ross, McKenna (January 30, 2023). "New downtown Las Vegas casino sets opening date". Las Vegas Review-Journal. Retrieved March 17, 2023.
  41. Stutz, Howard (February 20, 2023). "New Wildfire Casino starts Red Rock's latest building boom". The Nevada Independent. Retrieved March 17, 2023.
  42. Segall, Eli (July 5, 2022). "Station Casinos building new project in downtown Las Vegas". Las Vegas Review-Journal. Retrieved March 17, 2023.
  43. Ross, McKenna (November 22, 2022). "Station Casinos planning new-look Wildfire in downtown Las Vegas". Las Vegas Review-Journal. Retrieved March 17, 2023.
  44. Ross, McKenna (February 10, 2023). "First look inside Downtown Las Vegas' 'hot' new casino". Las Vegas Review-Journal. Retrieved March 17, 2023.
  45. Curtis, Anthony (February 26, 2023). "Las Vegas Advisor: Wildfire casino opens in downtown Las Vegas". Honolulu Star-Advertiser. Retrieved March 17, 2023.
  46. Smith, Rod (March 30, 2004). "Station says it will buy two casinos". Las Vegas Review-Journal. Archived from the original on October 11, 2004.
  47. Benston, Liz (March 29, 2004). "Station acquiring locals casinos in Henderson". Las Vegas Sun. Retrieved March 17, 2023.
  48. Sieroty, Chris (June 5, 2012). "Gold Rush Casino to reopen as Wildfire Sunset". Las Vegas Review-Journal. Retrieved March 17, 2023.
  49. Stutz, Howard (June 4, 2014). "Seventh Wildfire-brand property will open in Henderson". Las Vegas Review-Journal. Retrieved March 17, 2023.
  50. "Wildfire on Fremont". Wildfire Gaming. Retrieved March 17, 2023.
  51. "French-inspired cuisine the constant at The Greens". Las Vegas Review-Journal. March 8, 2006. Retrieved March 22, 2023.
  52. "Las Vegas Planning Commission votes in favor of Station Casinos resort near 215, Losee". 16 September 2022.
  53. Segall, Eli (July 20, 2022). "Station Casinos buys 126 acres south of Strip". Las Vegas Review-Journal. Retrieved March 17, 2023.
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