The sale price can increase by up to $28.5 million if Red Rock Resorts and the San Manuel tribe don’t close the deal within 18 months. It includes Palms Place and restricts Red Rock Resorts from reopening the Palms, according to Securities and Exchange Commission filings. The deal is expected to close later in 2021 and is subject to regulatory approvals and other closing conditions. We are excited to move forward with this transaction.” “Our board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy. “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.

The tribe will become the second tribal enterprise to enter the Las Vegas market this year after Mohegan Gaming and Entertainment, operators of the casino at Virgin Hotels Las Vegas, which opened in March. “On behalf of the tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.” “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. “We determined that the sale of the property is the best way to create shareholder value and enables us to emerge from a pandemic on a more accelerated timeline.”įor Red Rock Resorts, the parent company of Station Casinos, the sale represents the end of an up-and-down five years with a hybrid tourist/locals property that stood out among the company’s many locals casinos, as well as a chance to double down on its locals-centric gaming ventures in the Las Vegas Valley.įor the San Manuel tribe, the sale realizes a yearslong goal of expanding beyond its flagship San Manuel Casino and into the Las Vegas gaming scene and diversifying its economic resources. “We are incredibly proud of how we transformed this iconic property,” Red Rock Resorts Executive Vice President and Chief Financial Officer Stephen Cootey said Tuesday. The gaming company and tribe announced the deal Tuesday, nearly five years to the day Red Rock Resorts struck a deal to buy the Palms from the Maloof family in 2016 for $312.5 million. Now Red Rock Resorts is selling the Palms to the San Manuel tribe for $650 million, or $40 million less than the company paid to renovate the 700-room, 19-year-old property. (Erik Verduzco / Las Vegas Review-Journal) Palms wasn’t for sale until the San Manuel Band of Mission Indians came calling. The Palms hotel-casino in Las Vegas, Tuesday, May 4, 2021.

Las vegas palms station casino