Who Owns Station Casinos? | Las Vegas Advisor

Who owns Station Casinos?

[Editor's Note: This question was submitted in response to our QoD of 8/9 on why the Palms hasn't reopened yet. It was written by David McKee.]

Station Casinos has a pretty mundane ownership, at least in its publicly traded guise, Red Rock Resorts. It’s divvied up between a large gaggle of institution investors and hedge funds.

BAMCO Inc., a large advisory firm that dabbles in the gaming sector, holds 9.6%, followed by Diamond Hill Capital Management (9.4%), Vanguard Group (8.6%), Eminence Capital (7.3%), Blackrock Inc. (6.9%), Goldman Sachs (2.9%), Schroder Investment Management Group (2.5%), PAR Capital Management (2.3%), and State Street Corp. and Zeke Capital Advisors (2% each).

Mutual funds invested in Station are led by Diamond Hill Small-Mid Cap Fund (3.5 percent). A quartet of Vanguard funds hold 7.8 percent, Various and sundry Baron funds have 6.8 percent. Two percent is owned by iShares Russell 2000 EFT and the remaining 1.6 percent by Diamond Hill Small Cap Fund. (All these figures have been rounded to the nearest decimal point.)

Station made the news last month, at least up in Reno. An enterprising reporter at the Reno Gazette-Journal spotted Station shopping two parcels—eight acres near the Sparks-Reno Convention Center and 88 next to the Atlantis casino-resort—on a real estate sale site. Station pulled down the listings and explained, “The 88-acre Mt. Rose site has been on the market since late last year. In regards to the attractive and strategically located convention center site, Station Casinos is currently weighing all options, including developing the property ourselves.”

That still leaves a lot of ifs, ands and buts. In terms of Reno development, Station has been hanging fire for quite a few years now. The convention center site is particularly interesting. Station owns the only casino license in Nevada that doesn’t require the building of 200 or more hotel rooms. It’s also "portable," meaning Station can use it wherever it pleases. A casino-restaurant was once mooted for the old Castaways site near downtown Las Vegas and that idea seems to have been repurposed for Reno. But Station has become very cautious, especially after being burned to the tune of $930 million on the Palms Casino, so immediate action would come as a surprise.

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Comments

Jackie Oct-03-2020

Goldman Sachs (2.9%)

Is that the same Goldman Sachs behind the 2008 housing defaults, who got bailed out by the Federal Reserve demanding that Congress bails them out, the same outfit that moved to an unlisted address to avoid public lawsuits, the same Goldman Sachs who gave their upper management multi-million dollars bonuses for all the homelessness and family destruction they caused? That Goldman Sachs?  Every member should have been hung by the neck until dead!

CLIFFORD Oct-03-2020

We show is lucky

to have a Goldman Sachs to show off to the world.  May we have another please?

Oct-03-2020

"mooted"?

What in the world does "mooted" mean?

Oct-03-2020

burned for $930M?

How was Stations Casinos burned to the tune of $930 million on the Palms?

Deke Castleman Oct-03-2020

This in via email

RE: Jackie's comment. Her comment is way out of bounds to me. Goldman Sachs is one of many investment banks that own shares, as you pointed out. Many small investors own shares of Red Rock Resorts too. She seems very upset and hostile - but really, threatening them like that? Maybe she needs meds...

Brent Peterson Oct-03-2020

Jackie's Threat

Very inappropriate to suggest hanging people until they are dead. Quite a pathetic comment. While I don't like defending Goldman Sachs, Jackie has illustrated there are worse people out there.

Roy Furukawa Oct-03-2020

Goldman are sacks

I wouldn't go as far as @Jackie, but it seems a lot of people don't really know the history of Goldman Sachs. If you ever saw the movie Margin Call, that was pretty much about Goldman Sachs.

melman Oct-03-2020

English, please.

"hanging fire" ??  "mooted" ??

Johnnyo Oct-03-2020

Johnnyo

I luv U Jackie!!  keep up the great comments!!   This is stuff I didn't know about & personally hate!

Johnnyo Oct-03-2020

Johnnyo

Ohhhh...I thought those Fertitta bros owned the Stations. I heard they went thru a very happy reorganization & came out smellin like a Rose.  And I gotta see "Margin Call" .  Everybody Vote!!!

Kevin Lewis Oct-03-2020

Casino corporations, etc.

Vegas casino ownership has always ranged from "okay" to "downright shady" to "outright crooked." There has never been a major casino corporation that is managed WELL--their shortsightedness, in particular, has been astounding. Stations was one of the better ones until last year, when they made all their games worse and gutted their players' club.

Jackie Oct-04-2020

Too much anger?

https://www.investopedia.com/insights/major-players-2008-financial-crisis-and-where-they-are-now/

https://fortune.com/2016/04/11/goldman-sachs-doj-settlement/

Jackie Dec-24-2020

Other proof

Watch the movie "Inside Job" 2010
Then tell me how great Goldman Sachs is along with Presidents, Congress, Allen Greenspan, Federal Reserve and many others who committed treason by trying to destroy the US economy.

Question of the Day - 03 October 2020

Comments