– credit, Station Casinos, released to the press
When thousands of employees at Station Casinos arrived at one of the company’s resorts to celebrate its 50th anniversary, they hadn’t a clue what was about to happen.
They were going to hit the jackpot.
In a stunning display of profit sharing, business moguls the Fertitta brothers announced that each of Station Casinos’ 10,000 employees were to receive a bonus consisting of $1,000 of company stock for ever year they’ve been on the payroll, totaling $70 million in gifts.
– credit, Baylee Jo for Station Casinos, released to the press
“Our father founded this company on a few simple principles: serve the local community, deliver great value, and most importantly, take care of our team members,” Frank Fertitta III said in a statement.
“This $70 million award is more than a recognition of their contributions, it is an investment in our nearly 10,000 team members, whose dedication and commitment we are deeply thankful for,” added Frank III’s brother, Lorenzo.
Frank and Lorenzo’s father, Frank Jr., founded Station Casino’s flagship asset Bingo Palace in 1976, and several employees who joined shortly after are still with the company. Ida Johnson, who began her career with the company in 1977, received $49,000 worth of stock, which at the current dividend payout would generate an additional $886 every year.
In total, 7 employees have been with the company for 45 years or more. Red Rock Resorts Class A stock currently trades at $54.49 per share.
“Just a complete honor to receive that check,” said Paula Barrett, who has 47 years of service at the company under her belt. Barrett could have worked elsewhere over the years, but she said, “We’re all comfortable. This is home for us. We love it here. We love our management here.”
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