Station Casinos will have a new name as it prepares to undertake its first public offering in years and sell shares on the Nasdaq stock exchange. Sources tell GGB that Station will delay the IPO for a while, however, until the market improves for gaming stocks.
The company’s new name will be Red Rock Resorts, named after its popular Red Rock Resort Las Vegas casino on West Charleston near the Red Rock Canyon National Recreation Area.
Station Casinos President Richard Haskins said the company’s 19 casino properties in Nevada, Michigan and Northern California will keep their current names, and the Red Rock Resorts brand will be used for selling its stock on Nasdaq. The company awaits approval from the Securities and Exchange Commission for the public offering.
The rebranding won’t affect how the company continues to operate or how business is done at its individual properties, Haskins said.
The Nevada Gaming Commission in January approved the name change, which heralds the first potential public offering of Stations Casinos shares, albeit, as Red Rock Resorts, in eight years.
Stations Casinos was traded publicly prior to 2008, but a private equity firm bought it, and it underwent Chapter 11 reorganization a year later, when the Great Recession battered company profitability.
Upon emerging from bankruptcy in 2011, Station Casinos had shed $4 billion in debt. Chairman and CEO Frank Fertitta III owns about 57 percent via Fertitta Entertainment and is paid a management fee to run the company.
To enable the stock offering, Fertitta Entertainment will sell its $460 million in shares, and Fertitta no longer will be paid a management fee, but the company’s management structure will remain the same.