California tribe buying Palms in Las Vegas for $650M
A California Indian tribe is set to become the new owner of the off-Strip Palms Casino Resort by the end of the year.
The San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority confirmed Tuesday that it is acquiring the 700-room, 19-year-old property from Red Rock Resorts. The sale price was $650 million, Red Rock Resorts announced Tuesday.
The deal is expected to close later in 2021 and is subject to regulatory approvals and other closing conditions.
“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,” San Manuel Gaming and Hospitality Authority Chairwoman Latisha Casas said in an emailed release. “Our board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy. We are excited to move forward with this transaction.”
The Palms has been closed since March 2020 when the coronavirus pandemic resulted in casino closures across the state for 78 days. Located just west of Interstate 15 on Flamingo Road, the resort includes a 94,840-square-foot casino, multiple casual and upscale dining options, meeting and convention space, a 2,500-seat theater, pool and spa, other amenities and the Palms Place condominiums.
It will become the second tribal enterprise to enter the Las Vegas market this year with Mohegan Gaming and Entertainment operating the casino at Virgin Hotels Las Vegas, which opened in March.
“Today represents an important step for the tribe and its long-term economic diversification strategy,” San Manuel Chairman Ken Ramirez said in a release announcing the transaction. “On behalf of the tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
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