Palms Casino Resort In Las Vegas Sold For $650 Million
The San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority has announced they are to acquire the Palms Casino Resort (the “Palms”) in Las Vegas, Nevada from Red Rock Resorts, Inc. The transaction is expected to close later in 2021, subject to the receipt of regulatory approvals and other customary closing conditions. The sale price is understood to be $650 million in cash.
After 35 years of operating San Manuel Casino in Highland, CA, this announcement reflects a milestone for San Manuel.
“Today represents an important step for the Tribe and its long-term economic diversification strategy,” said San Manuel Chairman Ken Ramirez. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts. Our Board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy,” said SMGHA Chairwoman Latisha Casas. “We are excited to move forward with this transaction.”
The Palms, which has been closed for over a year, is located just west of I-15 near the Las Vegas Strip, and includes a casino, approximately 700 hotel rooms and suites, multiple casual and upscale dining options, meeting and convention space, a 2,500-seat theatre, pool and spa, other amenities and Palms Place condominiums.
