Station Casinos in Las Vegas would sell about 0 million in shares for its proposed initial public offering, but still awaits federal approval, its underwriters reported.
Station Casinos hasn’t announced on which exchange it intends to sell its shares, but it has chosen Deutsche Bank, JP Morgan, Merrill Lynch, and Goldman Sachs to as underwriters.
Station Casinos owns and operates 21 casinos and entertainment properties, which mostly cater to Nevada locals, and total about $5 billion in value. It also manages several tribal casinos in western Michigan and northern California.
In the Las Vegas area, the company owns nine major gaming operations and entertainment venues and 10 small casinos, for a total of about 19,500 slot machines, 300 table games and more than 4,000 hotel rooms.
About 90 percent of residents in southern Nevada live within five miles of a Station Casinos’ operation. In the Las Vegas area, Station Casinos owns a total of
The company got into the casino gaming business in 1976, when it opened a 5,000-square-foot casino featuring 100 slot machines. It underwent a restructuring during the Great Recession and emerged from bankruptcy in June 2011.
While Station Casinos prepares for its initial public offering, the Culinary Workers Union, which is trying to organize Station Casinos workers, is criticizing the company’s ties to Deutsche Bank.
The union wants federal regulators to investigate the bank’s possible involvement in an international finance scandal, and says it reflects poorly on Station Casinos, in which Deutsche Bank has a 25 percent interest from the Station Casinos’ recent reorganization.
The Culinary Workers Union recently wrote Nevada gaming regulators, asking them to investigate Deutsche Bank, its relationship with Station Casinos, and if the bank should continue its involvement.
The Nevada Gaming Commission has not responded to the union’s request.
