Station Casinos plans to issue more than $70 million worth of Red Rock Resorts Class A stock to almost 10,000 full- and part-time workers as part of its 50th-anniversary celebrations.
Employees who were employed as of September 9 will receive $1,000 in Red Rock Resorts Class A stock for each year of service. The stock grants will be available starting on September 14.
The award was revealed during a surprise event at Red Rock Casino Resort & Spa attended by approximately 700 workers. Employees had no prior knowledge that they would receive stock or any other financial reward.
“Our father established this company based on a few simple principles: serve the local community, deliver great value, and most importantly, take care of our Team Members,” Frank Fertitta III, Chairman and CEO of Red Rock Resorts, said.
“This award exemplifies those values and acknowledges the individuals who have brought them to life every day for the past 50 years. As we commemorate this milestone and look forward to the next 50 years, we are thankful for everything our Team Members have done to make Station Casinos the local favorite,” he added.
Seven employees who started working for the company in the 1970s were honored at the event. Ida Johnson, who began her career in 1977, received $49,000 worth of stock, while the seven employees each received over $45,000 worth of equity.
“Our Team Members are at the core 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,” Lorenzo Fertitta, Vice Chairman of Red Rock Resorts, said.
“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,” he said.
The Fertitta brothers mentioned that the idea for the award evolved as they deliberated on how best to reward employees for the company’s 50th anniversary.
“We got together, and we said, ‘Look, it’s the 50th anniversary. It’s a big deal. We want to celebrate the right way,’” Lorenzo Fertitta said in an interview with the Las Vegas Review-Journal.
The brothers initially considered recognizing only the longest-serving employees but chose to extend the award to everyone.
“Eventually, we just decided to recognize everybody, even if they’ve only been working for us for a day,” Lorenzo Fertitta said.
“The team members are the reason that this company has been so successful in this city,” Frank Fertitta said. “And we wanted to do something incredibly special that would really make a difference in their lives for all the years of service they’ve given the company.”
Station Casinos began with The Casino and Bingo Palace and has expanded to seven neighborhood casinos and 16 smaller outlets under the Wildfire brand. The company is also growing with a new tavern concept called Seventy Six Taverns.
“Our father built Station Casinos around taking care of people, and that has never changed,” Lorenzo Fertitta said. “Our team members have grown with us and helped shape who we are. We are proud to recognize them and give them the opportunity to share in the company’s future.”
Station Casinos kicked off its 50th anniversary celebration on July 1 at Palace Station, where the company originated. The anniversary program included live entertainment, commemorative gaming, food, and beverage offerings, employee appreciation events, and community volunteer initiatives.