It used to be that you put your time in, work hard, get a nice pension, and maybe you’ll get a gold Rolex at your retirement party. While the ideas of a pension—let alone a five-figure watch—may seem fleeting at best, not all companies are doing away with rewarding employee loyalty. Some, like Red Rock Resorts, are offering any eligible employee $1,000 in company stock per year of service.
To celebrate the Las Vegas casino operator’s 50th birthday, Station Casinos last Wednesday surprised nearly 10,000 full- and part-time employees with a stock award worth more than $70 million. Frank Fertitta III, chairman and CEO of Station Casinos parent company Red Rock Resorts , and Vice Chairman Lorenzo Fertitta told a ballroom of workers that anyone employed as of that date would receive $1,000 in Red Rock Resorts Class A stock for every year of service.
