Employees of Station Casinos in Las Vegas got quite the surprise when they showed up for a work celebration marking the company’s 50th anniversary — $70 million worth of stocks.
During a surprise ceremony at Red Rock Casino Resort & Spa, Frank Fertitta III, Chairman and CEO of Red Rock Resorts, and Lorenzo Fertitta, Vice Chairman of Red Rock Resorts, revealed to a ballroom full of Team Members that they will receive $1,000 in Red Rock resorts Class A stock for ever year employed by Station Casino.
“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. As we celebrate this milestone and look ahead to the next 50 years, we are grateful for everything our Team Members have done to make Station Casinos the local favorite.”
Station Casinos runs 18 Las Vegas casinos, including Red Rock, Durango, Green Valley Ranch, Palace Station, Boulder Station and Sante Fe Station. The company started in 1976 with Palace Station, which was renamed Bingo Palace a year later.
One employee, Ida Johnson, revived $49,000 worth of stock because she’s been with the company since 1977. Another employee, Paula Barrett, is still a cocktail waitress after 47 years.
“We’re all comfortable. This is home for us. We love it here. We love our management here,” she told a local news station.
The Fertittas know that their employees are the lifeblood of their industry.
“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.”
They receive their shares today.
