In November 2007, thirteen top insiders of Station Casinos – its executives, directors, and largest shareholders – received $660 million when the company went through a $5.4-billion “buyout.”
How much money is $660 million?
That kind of money could pay for the PPO family health insurance premiums for all 13,000 Station workers, at the current level of $175 per month, for 24 years.
With that much money, the company could also continue to pay matching 401(k) contributions into all its employees’ 401(k) accounts, at the 2007 level of $4.2 million per year, for over 150 years.
Or, the company could buy a house for 4,700 of its employees. (Current median home price in Las Vegas is $139,400.)
But the company did not choose to spend money this way. Instead, it gave all this money – two-thirds of a billion dollars – to a lucky thirteen.
When is enough enough?
For more information on how the company went bankrupt because it borrowed too much money to pay its insiders, see the report released by the Culinary Workers Union last fall: “A Postmortem: How Station Casinos Insiders Drove the Company Into Bankruptcy.”