The San Manuel Band of Mission Indians Plans to Acquire the Palms in Las Vegas for $ 650 million – Daily News
The San Manuel Band of Mission Indians, the owners of the San Manuel Casino in the Highlands, announced Tuesday May 4th that the tribe are planning to purchase the Palms Casino Resort in Las Vegas.
The tribe and the San Manuel Gaming and Hospitality Authority, a newly formed entity that will operate the Las Vegas Resort, will acquire the 20-year-old casino property for $ 650 million, according to a press release from current Palms owner Red Rock Resorts. The transaction is expected to close in 2021 but is subject to regulatory approvals and other closing conditions, according to a San Manuel press release.
“The Palms is a well designed property that has been beautifully renovated and maintained by Red Rock Resorts. Our board of directors believes that the Palms is a casino resort that many loyal guests of the San Manuel Casino would enjoy, ”said Latisha Casas, chairwoman of the San Manuel Gaming and Hospitality Authority, in a press release. “We look forward to moving this transaction forward.”
Prior to the purchase agreement, the San Manuel Band had forays into the Las Vegas market in a variety of ways.
In October 2018, San Manuel announced a partnership with the Vegas Golden Knights for the 2018-2019 NHL season.
A year later, the tribe announced a partnership with Allegiant Stadium and the Raiders, which marked the San Manuel Casino as a founding partner of the stadium and a sponsor of the team from the 2020 season.
On February 21, 2020, the tribe announced that they had donated $ 9 million to the University of Nevada, Las Vegas, in support of education and innovation related to tribal gambling operations and law at the university.
The Palms, an off-strip property on West Flamingo Road, was first built in 2001 by the Maloof family but ran into financial difficulties during the Great Recession and was later acquired by Station Casinos – part of the larger Red Rock Resorts – in 2016 Valued at nearly $ 313 million, according to the Las Vegas Review journal.
The property was closed to reservations due to the novel coronavirus pandemic, but there was a hotel during times it was open. a gaming floor with 1,500 slots; a sports betting; Bars, lounges and restaurants (including one on the roof), as well as boutiques. A season of the MTV reality show “The Real World” was filmed there.
Station casinos have had their own financial problems lately.
Following reports of declining revenue, Frank Fertitta III, CEO of Red Rock Resorts, said in a call for profits that it was unclear whether a list of several casinos that included the Palms would reopen after COVID-19. Diary.
The casino was still listed as closed and was not taking reservations from a sample on its website on Thursday April 29th.
San Manuel would be the second tribe to operate in the Las Vegas resort corridor. Mohegan Gaming & Entertainment, operated by the Mohegan Tribal Gaming Authority in Connecticut, operates the recently opened casino in Virgin Hotels Las Vegas (formerly the Hard Rock Hotel).
As the San Manuel tribe work to expand their casino empire in another state, they have expanded their original highlands casino estate as part of a three-phase expansion project valued at $ 550 million. The first phase is expected to open in July and includes an expanded play area, a 24-hour restaurant, three shops and a high-limit room. Thereafter, the 17-story hotel, pool and spa will open before the end of 2021. and an event center with 2,800 seats in early 2022.
This story evolves. Check for updates again.