Station Casinos commemorated its 50th anniversary this week by distributing stock valued over $70 million.
On Wednesday (Sept. 9), Las Vegas locals specialist Station Casinos said it’s giving nearly 10,000 full- and part-time workers shares of the organization’s publicly traded arm, Red Rock Resorts. The shares will be awarded beginning Sept. 14.
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,” said Frank Fertitta III, chairman and CEO of Red Rock Resorts. “This award reflects those values and recognizes the people who have brought them to life every day for the past 50 years.”
“Our Team Members are at the heart of everything we do. For 50 years, they have built lasting relationships with our guests and forged the connections to the Las Vegas community that define who we are,” said Lorenzo Fertitta, vice chairman of Red Rock Resorts. “This $70 million award is more than a recognition of their contributions; it is an investment in our nearly 10,000 Team Members, whose dedication and commitment we are deeply thankful for.”
RRR Stock
The Fertitta brothers retain control of Red Rock Resorts through their privately held Station Casinos. The billionaires control approximately 90% of the casino company’s total voting power through Class B shares.
Red Rock Resorts’ Class B shares come with 10 votes per share, with the shares classified as “super-voting” options. The Fertittas are issuing the $70 million award through Class A shares, which come with one vote per share.
Station Casinos employees are receiving $1,000 in Red Rock Resorts stock for every year of service.
The company’s longest-tenured employee is Ida Johnson, who began working at Bingo Palace in 1977 and will receive $49,000 in stock next Monday. Seven employees are set for equity windfalls of more than $45,000.
Red Rock Labor Dispute
The stock awards come after the US Supreme Court last week denied an emergency appeal from Red Rock Casino Resort & Spa, the company’s flagship property, to recognize and negotiate with the Culinary Union.
The National Labor Relations Board (NLRB) has accused Red Rock Resort and Station Casinos of interfering with previous unionizing efforts, which the company denies. The NLRB said in 2022 that Station Casinos raised wages ahead of a Culinary Union election to sway votes and keep its properties union-free.
With the Supreme Court dismissal, Red Rock Casino must begin negotiating in good faith with the Culinary Union. The largest casino union in the country, Culinary represents 60,000 workers in Las Vegas and Reno who work as housekeepers, waitstaff, porters, bellmen, cooks, and bartenders.