If you’ve ever spent more than five minutes in Las Vegas away from the neon glare of the Strip, you’ve seen them. The big "S" logo. Huge, sprawling properties like Red Rock Resort or the brand-new Durango. They aren't just buildings; they are the backbone of the "locals" gaming scene.
But who owns Station Casinos?
It’s not just one person. It’s a mix of a legendary Vegas family, a publicly traded company on the Nasdaq, and a web of institutional investors. To understand the ownership, you have to look at the name Red Rock Resorts, Inc. (RRR). That is the parent company that actually pulls the strings.
The Fertitta Family: The Architects of the Empire
Honestly, you can't talk about Station Casinos without talking about the Fertittas. It’s a family business at its core. Frank Fertitta Jr. started the whole thing back in 1976 with a tiny place called "The Casino" (which eventually became Palace Station). He had this wild idea that locals—the dealers, the bartenders, the construction workers—needed their own place to play away from the tourists.
He was right.
Today, his sons, Frank Fertitta III and Lorenzo Fertitta, are the faces of the brand.
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- Frank Fertitta III serves as the CEO and Chairman of the Board.
- Lorenzo Fertitta is the Vice Chairman.
You might recognize the names from the sports world. These are the same guys who bought the UFC for $2 million in 2001 and sold it for $4 billion in 2016. That sale gave them a massive war chest, much of which has been poured back into the Las Vegas valley. As of early 2026, the brothers maintain a massive stake in the company. Through various family trusts and direct holdings, they own roughly 48% of the equity in the business.
They aren't just figureheads. They are the ones deciding to spend $385 million on an expansion for Durango or renovating Sunset Station for its 50th anniversary this year.
Is it a Public Company or a Private Club?
It’s both. This is where it gets a bit technical, but bear with me.
Station Casinos went public in 1993, then the Fertittas and Colony Capital took it private in a $9 billion leveraged buyout in 2007. Then came the Great Recession. The company filed for Chapter 11 bankruptcy in 2009 with billions in debt. They emerged, restructured, and eventually went public again in 2016 under the name Red Rock Resorts, Inc.
So, if you have a brokerage account, you could technically be one of the people who owns Station Casinos.
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The Big Players on the Stock Market
Since the company is traded on the Nasdaq under the ticker RRR, some of the biggest financial institutions in the world own huge chunks of it.
- Baron Capital Group: They are one of the largest institutional holders, often owning over 20% of the available shares.
- BlackRock and Vanguard: The usual suspects. These giant index fund managers hold significant positions (around 10-12% each) on behalf of their investors.
- Eminence Capital: A hedge fund that has been a long-time believer in the Vegas locals market.
As of January 2026, the company's market cap sits somewhere around $6.6 billion. While the Fertittas have the largest individual block of control, the "public" owns the rest.
What Does the Company Actually Own?
It’s a lot more than just the casinos with "Station" in the name. They have a strategy of "moating" the Las Vegas valley—basically buying up land so competitors can't get a foothold.
Their portfolio currently includes:
- The Luxury Tier: Red Rock Resort, Green Valley Ranch, and the new Durango Casino & Resort.
- The Classics: Palace Station, Boulder Station, Sunset Station, and Santa Fe Station.
- The Wildfire Brand: A dozen smaller, neighborhood "mini-casinos" like Wildfire Rancho and Wildfire Sunset.
- New Ventures: The "Seventy Six" tavern brand, which they've been rolling out aggressively in 2025 and 2026 to compete in the bar/restaurant gaming space.
They also famously sold the Palms Casino Resort to the San Manuel Band of Mission Indians back in 2021. It was a rare move for them to sell a major asset, but it allowed them to focus entirely on their core suburban customer base.
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Why the Ownership Structure Matters in 2026
You might wonder why we care about who owns what. In Vegas, ownership dictates the vibe.
Because the Fertittas own such a massive portion, the company doesn't behave like a typical corporate behemoth like MGM or Caesars. They are known for being fiercely anti-union, which has led to years of legal battles with the Culinary Union. This "family-led" style means they can move fast—like starting phase two of a casino expansion before phase one is even fully settled.
They are currently in the middle of a massive reinvestment cycle. With the 50th anniversary of the company's founding coming up on July 1, 2026, the ownership is doubling down on Vegas. They aren't looking to expand to Macau or New York. They want to own every corner of the Mojave Desert.
Actionable Insights for the Curious
If you're looking into Station Casinos for investment or just because you're a regular, here’s the bottom line:
- Check the Ticker: If you want to follow the money, watch RRR on the Nasdaq. Their quarterly earnings calls (like the one scheduled for February 2026) are where the Fertittas layout the future of Vegas.
- Watch the Land: The company owns hundreds of acres of undeveloped land in Vegas (like in Inspirada and Skye Canyon). Ownership of the land is often more valuable than the casinos themselves.
- Loyalty Matters: Their "Boarding Pass" program is one of the most data-rich in the industry. Because they are a "family" company, they track local spending habits more closely than almost anyone else.
The Fertitta brothers have survived bankruptcies, a global pandemic, and the sale of the UFC. Right now, their grip on the Las Vegas locals market is tighter than ever.
To see exactly where the company is headed next, you can track their latest SEC filings or watch the progress of the $53 million renovation at Sunset Station, which is expected to wrap up by mid-2026.