Culinary criticizing locals’ operator

Thursday, May 1, 2003 | 11:27 a.m.

Culinary Union officials trying to organize workers at Station Casinos Inc. say extending a stock-option program may benefit the company's controlling family at the expense of outside shareholders, the Wall Street Journal reported in its "Heard on the Street" column today.

Executives at the company asked shareholders for a 10-year extension to the program, under which Fertitta family members control 34 percent of the options, the paper said.

"There's a potential to shift a substantial amount of earnings from outside shareholders to the Fertitta family," said Courtney Alexander, a Culinary Union official.

The union's campaign is an attempt to get workers' attention, said Chief Financial Officer Glenn Christenson, adding that the company's options are within industry norms and help retain executives, the Journal reported.

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