Fertitta brothers give mom $120m check for Mother’s Day

Those wacky billionaire Fertitta brothers showed up sons everywhere by giving their mom a nine-figure check for Mother’s Day.

Earlier this month, Red Rock Resorts – the manager and majority owner of Las Vegas locals casino operator Station Casinos – released its Q1 earnings report. On the ensuing analyst call, CEO Marc Falcone revealed that the company had paid $120m to a trust controlled by Lorenzo and Frank Fertitta III‘s mother Victoria to acquire the land underneath two Red Rock casino properties in Las Vegas.

A couple decades ago, Victoria and her late husband Frank Fertitta Jr. set up a trust to own 75 acres underneath the Boulder Station and Texas Station casinos. Red Rock has been paying rent on this land to the trust, and Falcone claims the land purchase will save the company roughly $7m per year.

The purchase price is more than twice the $43m that Red Rock rival Boyd Gaming paid for the 77 acres of Vegas dirt under its New Orleans casino earlier this year, suggesting Victoria’s boys took it easy on mom during the negotiations.