The San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority have unveiled a definitive agreement to acquire Las Vegas’ Palms Casino Resort for $650m.
The transaction, which would see a subsidiary of SMGHA purchase the venue from Red Rock Resorts and its Station Casinos subsidiary, is expected to close later in the year, subject to the receipt of regulatory approvals and other customary closing conditions.
“Today represents an important step for the Tribe and its long-term economic diversification strategy,” said Ken Ramirez San Manuel chairperson. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
The Tribe says that it has long “demonstrated an interest in and supported the Las Vegas community,” through contributions to non-profits and institutions including UNLV’s William F Harrah College of Hospitality and William S Boyd School of Law, the Public Education Foundation and Shade Tree Shelter, plus partnerships with the Las Vegas Raiders and Allegiant Stadium, and the Vegas Golden Knights.
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 theater, pool and spa, other amenities and Palms Place condominiums.
“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,” added Latisha Casas, SMGHA chairperson.
“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 San Manuel Band of Mission Indians currently has a major expansion project underway at its San Manuel Casino featuring 432 guest rooms, expanded high-limit gaming, new dining amenities and a special events space. This will add more than 2,000 new jobs by the end of 2021.