Palms Casino Resort purchased in $650m deal by San Manuel
The San Manuel Band of Mission Indians, along with the San Manuel Gaming and Hospitality Authority, have announced their most recent deal for the acquisition of the Palms Casino Resort in Las Vegas for $650 million. This transaction will see the purchasing of the venue from Red Rock Resorts, and is anticipated to close sometime towards the end of this year. It is currently awaiting the mandatory regulatory approvals.
Chairperson of San Manuel, Ken Ramirez, commented:
“Today represents an important step for the Tribe and its long-term economic diversification strategy. On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
Furthermore, the Tribe has stated that it has been showing its interest in the Las Vegas community for a while now, as it supports it through various donations to non-profit organizations such as the UNLV’s William F Harrah College of Hospitality, the Public Education Foundation and Shade Tree Shelter, as well as some agreements with the Vegas Golden Knights and the Las Vegas Raiders.
The Palms has actually been shut down for more than a year now, and is located near the Vegas Strip. It encompasses 700 hotel rooms, a casino, different dining venues, a meeting area, a theatre, a spa, and several other such amenities.
Chairperson of the SMGHA, Latisha Casas, also said:
“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. We are excited to move forward with this transaction.”
At the moment, the San Manuel Band of Mission Indians is working on a huge expansion plan at the San Manuel Casino which has 432 rooms, an improved casino space, an events venue and new dining options which will all bring over 2,000 new job opportunities until the end of this year.