Executives sell nearly 600,000 shares

Monday, Feb. 10, 2003 | 11:07 a.m.

Station Casinos Inc.'s chief executive and its president sold nearly 600,000 shares from February 3 to February 7, according to a recent filing with the Securities and Exchange Commission.

The executives held a total of 14,413,931 shares of Station Casinos common stock after selling 599,500 shares from $17.9682 to $18.2325 a share, the filing said.

Frank J. Fertitta III, CEO, sold 461,000 shares and retains a 14 percent stake in the company. Lorenzo J. Fertitta, president, sold 138,500 shares and retains a 10 percent stake.

Both executives have periodically sold shares over the past four years or so to obtain personal liquidity, said Station Casinos' Chief Financial Officer Glenn Christenson said.

"I would call this routine," Christenson said. "All of their wealth is in Station Casinos."

The executives will continue to sell shares for liquidity purposes, he said. They still own between 80 and 85 percent of their holdings since the company's initial public offering.

They had reported holding 15.8 million shares as of May 6, 2002.

Shares of Station Casinos were up about 9 cents before noon trading today, to $18.