Station Casinos has awarded nearly 10,000 employees more than US$70m in Red Rock Resorts shares as part of its 50th anniversary celebrations.
Eligible full- and part-time employees received US$1,000 in Red Rock Resorts Class A stock for every year of service. The award covered staff employed by the Las Vegas-based company on 9 September, with shares available from 14 September.
Chairman and CEO Frank Fertitta III and vice-chairman Lorenzo Fertitta announced the award during an event at Red Rock Casino Resort & Spa.
“Our father founded this company on a few simple principles: serve the local community, deliver great value, and most importantly, take care of our team members,” Fertitta said.
“This award reflects those values and recognises the people who have brought them to life every day for the past 50 years.”
The service-based structure produced awards exceeding US$45,000 for seven employees who joined the company during the 1970s and remain with the business. Ida Johnson, who began working for Station Casinos in 1977, received shares valued at US$49,000.
Station Casinos was founded by Frank Fertitta Jr in 1976, beginning with Bingo Palace, which later became Palace Station. The company has since developed a portfolio of casino resorts and neighbourhood gaming properties across the Las Vegas Valley.
Its estate includes Red Rock Casino Resort & Spa, Green Valley Ranch, Durango Casino & Resort, Palace Station, Boulder Station, Sunset Station, Santa Fe Station and the Wildfire casino portfolio.
The company described the distribution as a surprise anniversary award recognising employee service. Its announcement did not disclose whether vesting conditions or other restrictions apply to the shares.
Tags: Station Casinos. Red Rock Resorts, Station Casino 50th Anniversary
