From Wikipedia, the free encyclopedia Station casino.
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 ]
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.
Palace station casino las vegas
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 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.
Station announced in October 2015 that it would return to the stock market with an initial public offering.
Casinos owned [ edit ]
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 Gold Rush casino
Development sites [ 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.
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 mega resort on this site.
A sign placed by Colliers International with a name of Ted Stoever shown in April / June 2015 of a Google Street View on Google Maps stated that Station Casinos had abandoned the project completely
Aae las vegas palace station casino
Officers [ edit ]
Rich Haskins, General Counsel
References [ edit ]
"Map". Station Casinos. Retrieved November 28, 2014.