Station Casinos Celebrates 50th Anniversary by Gifting Stock to Employees

Station Casinos has decided to celebrate its 50th anniversary by making sure its employees feel appreciated. To that end, the casino company announced plans to issue some $70 million in stock to its workers. Station Casinos to Distribute $70M in Shares Among Its Employees According to the announcement, the company eyes issuing $70 million in shares of its parent company, Red Rock Resorts and distributing them to nearly 10,000 employees, including both full-time and part-time company members. The announcement clarified that workers will receive $1,000 in equity for every year of service. The shares will be Class A common stock and will be distributed on September 14. The plan means that Station Casinos’ longest-serving employee, Ida Johnson, will receive some $49,000 in stock for her 49 years of service. In total, seven long-tenured employees will receive equity payouts of over $45,000. Station Casinos’ Parent Wants to Make Employees Feel Appreciated Company officials noted that this move aligns with the company’s philosophy of investing in its community and team. Frank Fertitta III, Red Rock Resorts’ chief executive officer and chairman, explained that the company has always sought to take care of its members and that this initiative reflects that. This award reflects those [the company’s] values and recognizes the people who have brought them to life every day for the past 50 years. Frank Fertitta III, CEO & chair, Red Rock Resorts Vice chair Lorenzo Fertitta also commented on the matter, calling the company’s payout plan “an investment” in the company’s employees and a “thank you” for their dedication and commitment. It should be noted that the Class A shares carry one vote per share, as opposed to Class B shares, which carry 10 votes per share. The payout is therefore unlikely to lead to significant decision-making changes when it comes to the company’s direction. Station Casinos Trialed a New Payment Concept In other Station Casinos news, the company previously launched a pilot program offering a system named TrustedTap that allows guests to transfer money to gaming machines using Apple Pay. This revolutionary payment concept sought to make casino play more convenient, saving players the usual deposit-related hassles. In June, on the other hand, a woman filed a proposed class action lawsuit against Station Casinos and its parent company following a cyberattack that happened earlier this year.