Jackpot — this time, for the employees.
A company celebration came with a multimillion-dollar surprise: To mark its 50th anniversary, Station Casinos is awarding nearly 10,000 employees a stock bonus. For longtime staff, that adds up to tens of thousands of dollars.
Station Casinos marked its anniversary in Las Vegas with a special thank-you to its workforce. On September 9, brothers Frank Fertitta III and Lorenzo Fertitta announced stock awards worth more than $70 million in total. Each eligible employee receives $1,000 in Red Rock Resorts stock for every year of service. The initiative covers nearly 10,000 eligible full-time and part-time employees.
Decades of Loyalty Pay Off
Ida Johnson’s award shows just how substantial the bonus can be. Having worked for the company since 1977, she received $49,000 worth of stock. In total, seven employees whose careers with the company began in the 1970s each received shares worth more than $45,000.
For longtime employee Paula Barrett, that connection to her employer is also deeply personal; she described the company as home and spoke warmly about working there. Barrett has been with the business for 47 years.
A One-Time Stock Award
The anniversary bonus is a one-time award of company shares. An employee with ten years of service, for example, receives $10,000 worth of stock. The subsequent value of those shares will depend on the company’s stock price.
The company’s leadership said the awards recognize employees’ hard work and loyalty. Frank Fertitta III pointed to the principles established by his father, the company’s founder, including a commitment to taking care of employees.