Station Casinos awards staff more than $70m in anniversary shares

Station Casinos announced on 9 September that it would award shares in Red Rock Resorts to nearly 10,000 eligible employees in Las Vegas to mark its 50th anniversary, the company said. The brothers Frank Fertitta III and Lorenzo Fertitta announced the award, which the company valued at more than $70m in total.

The value of each award is based on length of service: employees receive Red Rock Resorts shares worth $1,000 for every year worked. The award covered almost all of the 10,000 eligible full-time and part-time staff. An employee with 10 years of service, for example, receives shares worth $10,000. The shares were granted once, as a single anniversary award, and their later value depends on the share price.

Ida Johnson, who has worked for the company since 1977, received shares worth $49,000. Seven employees whose time at the company began in the 1970s were recognised, each receiving shares worth more than $45,000. Paula Barrett, who has been with the company for 47 years, described it as her home and said she felt comfortable there.

According to the report, management said the award was intended to recognise the performance and loyalty of its workforce. Frank Fertitta III referred to the principles of his father, the company's founder, including in particular looking after one's own employees.