If you’ve ever spent a weekend in Las Vegas—not the flashy, tourist-trap Strip, but the "real" Vegas where people actually live—you’ve seen them. The Red Rock Resort towering over Summerlin. Sunset Station. The brand-new Durango. These aren't just buildings; they are the heart of the locals' economy. But when you ask who owns Station Casinos, the answer is way more complicated than just a name on a deed. It's a mix of a public company, a powerful family legacy, and a stock structure that basically keeps the founders in the driver’s seat no matter what.
Kinda fascinating, right?
Most people think a company is either private or public. Station Casinos has been both. It’s like that one friend who keeps breaking up with their ex and getting back together. Currently, Station Casinos is owned by Red Rock Resorts, Inc. (NASDAQ: RRR). But if you think buying a few shares of RRR makes you an equal partner with the big bosses, you’re in for a surprise.
The Fertitta Family: The Real Power Behind the Throne
Let’s be real: when you talk about Station Casinos, you’re talking about the Fertitta brothers. Frank Fertitta III and Lorenzo Fertitta are the faces of the empire. If those names sound familiar, it’s probably because they’re the guys who bought a struggling "human cockfighting" league called the UFC for $2 million in 2001 and sold it for $4 billion.
Yeah. $4 billion.
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Their father, Frank Fertitta Jr., started the whole thing back in 1976 with a tiny place called "The Casino" (later Palace Station). He had this simple, brilliant idea: give the casino workers—the dealers, the bartenders, the maids—a place to hang out and gamble where they wouldn't get fleeced by Strip prices.
Today, Frank III serves as the CEO and Chairman of Red Rock Resorts, while Lorenzo is the Vice Chairman. While the company is "public," the brothers and their family entities hold a grip on it that would make a seasoned wrestler jealous.
Why the Stock Market Doesn't Mean What You Think
Here is the kicker. Red Rock Resorts uses something called a dual-class share structure.
Basically, there are Class A shares (the ones you can buy on E-Trade) and Class B shares. The Class B shares are held almost exclusively by the Fertitta family and certain insiders. These special shares carry ten times the voting power of the regular ones.
Honestly, it’s a genius move for maintaining control. As of early 2026, the Fertitta family entities control roughly 90% of the voting power. So, while institutional giants like Vanguard, BlackRock, and Bamco (Baron Funds) own huge chunks of the actual equity, they don't really get to tell the Fertittas how to run the show.
The Corporate Matryoshka Doll
If you tried to map out the ownership on a napkin, you'd run out of ink. It looks a bit like this:
- The Public Investors & Insiders: Own Red Rock Resorts, Inc. (RRR).
- Red Rock Resorts, Inc.: Acts as the holding company.
- Station Casinos LLC: The actual operating entity that manages the day-to-day business of the hotels and gaming floors.
It wasn't always this way. Back in 2007, right before the world's economy decided to take a dive, the Fertittas teamed up with Colony Capital to take the company private in a $5.4 billion leveraged buyout. Bad timing. By 2009, they were in Chapter 11 bankruptcy.
They emerged in 2011, leaner and meaner. Then, in 2016, they went public again under the name Red Rock Resorts. This "new" version of the company focused on owning the land—a huge competitive advantage in a valley where vacant land is disappearing faster than a free buffet.
What They Actually Own Right Now
It’s not just the big resorts. The portfolio is massive and covers almost every corner of the Las Vegas Valley. They’ve spent the last few years "pruning" the garden—tearing down older properties like Texas Station and Fiesta Rancho—to make room for the next generation of luxury.
- The Flagships: Red Rock Casino Resort & Spa and Green Valley Ranch. These are the "fancy" ones that feel like the Strip but without the $25 parking fees.
- The New Guard: Durango Casino & Resort, which opened in late 2023 and has been a massive hit in the Southwest valley.
- The "Station" Classics: Palace Station, Boulder Station, Sunset Station, and Santa Fe Station.
- The Wildfire Brand: A fleet of smaller, "tavern-style" spots that focus on slots and sports betting without the hotel rooms.
Interestingly, they don't own the Palms anymore. They bought it in 2016 for $312 million, spent a literal fortune (nearly $700 million) renovating it, and then sold it to the San Manuel Band of Mission Indians in 2021. It was a rare "swing and a miss" for the brand, mostly because it tried too hard to be a Strip casino when their bread and butter has always been the locals.
The "Other" Fertitta: Is Tilman Involved?
This is the most common mistake people make. Tilman Fertitta (the guy who owns the Houston Rockets, the Golden Nugget casinos, and the Landry’s restaurant empire) is their cousin.
He’s a billionaire. They’re billionaires. They have the same last name. They both own casinos. But—and this is a big but—they are separate businesses. Tilman does not own Station Casinos. He is actually a competitor. While Frank and Lorenzo focus on the Las Vegas suburban market, Tilman’s Golden Nugget is a downtown and regional powerhouse. It's a friendly rivalry, but don't expect them to share a bank account anytime soon.
Why Ownership Matters for You
You might wonder why any of this matters if you’re just looking for a good place to play some video poker.
Ownership structure dictates everything from the "board" you play on to the rewards you get. Because the Fertittas have such high "skin in the game" (owning nearly half the equity and almost all the voting power), the company tends to be very aggressive about land acquisition. They currently own several massive parcels of land across Vegas—including sites in Inspirada and Skye Canyon—just sitting on them until the time is right to build.
They aren't just casino operators; they are real estate moguls.
Actionable Insights for Investors and Visitors
If you're looking at Station Casinos from a business or consumer perspective, keep these three things in mind:
- Check the Ticker: If you want to own a piece of this, you’re looking for RRR on the Nasdaq. Just remember that you're along for the ride; the Fertittas are the ones steering.
- Boarding Pass Loyalty: Their "Boarding Pass" program is one of the most consolidated in the city. Because they own so many properties, you can earn points at a tiny Wildfire tavern and spend them on a steak dinner at Red Rock.
- Watch the Land Bank: The best way to predict the next "Station" casino is to look at where the company is buying dirt. They play a long game, often holding land for 20 years before turning over a single spade of soil.
The ownership of Station Casinos is a classic story of a family business that grew too big for one person to hold, went to the public markets, got burned, and eventually figured out a way to have the best of both worlds: public capital with private control.
To stay updated on their latest moves, keep an eye on the quarterly earnings reports from Red Rock Resorts, Inc., or watch for new construction permits in the growing corners of the Las Vegas Valley.