Station stocks soar to record high

Friday, Aug. 8, 2003 | 11:18 a.m.

Station Casinos Inc. executives exercised hundreds of thousands of stock options over the past several weeks as the company's stock hit an all-time high of $29.70 per share.

Executives and directors exercised options for about $29 per share, options worth from $5 to $12 each when acquired, according to recent financial statements filed with securities regulators.

Chief Executive Frank Fertitta III exercised 197,500 options from July 29 to July 31. The options were worth from $9.58 to $12 per share when acquired.

Fertitta exercised another 149,040 options on Monday. The options were worth $9.58 per share when acquired.

Chief Financial Officer Glenn Christenson exercised 109,592 options from July 25 to July 31. The options were worth from $9.58 to $9.75 per share when acquired.

Christenson exercised another 66,687 options on Monday. The options were worth from $5 to $9.75 per share when acquired.

Company director Blake Sartini exercised 197,500 options from July 29 to July 31. The options were worth prices ranging from $8.67 to $12 per share. Sartini exercised another 91,844 options on Monday worth about $9.75 per share when acquired.

President Lorenzo Fertitta exercised a total of 90,000 options on July 31 and Monday that were worth about $5.25 per share when acquired.

Chief Operating Officer Stephen Cavallaro exercised 80,000 shares from July 24 to July 25 worth about $8.60 at the time they were acquired.

Company director William Warner exercised 70,800 options between July 24 and July 25 that were worth about $5 when acquired.

Chief Legal Officer Scott Nielson exercised 15,000 shares of stock on July 24. He exercised 19,408 options on July 25 worth $9.58 when acquired.

Timothy Poster, who will resign as a company director to buy the Golden Nugget casino, exercised 25,000 shares of stock from July 24 to July 25.

Station Casinos stock has risen about 134 percent over the past year, closing at $28.25 per share Wednesday. Shares closed at $29 from July 29 to July 31.

The sales represent a fraction of the roughly 60 million shares of Station stock outstanding.

In May, Station shareholders voted to allow the company's board to issue another 410,905 options to executives. As of the end of 2002, options to purchase about 12.2 million shares of stock were outstanding, of which about 6.9 million were exercisable, according to the company's latest proxy statement.