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The Palms Casino Resort in Las Vegas has been one of the few hotels to remain closed throughout the pandemic.
The San Manuel Band of Mission Indians is buying the Palms Casino Resort in Las Vegas from Red Rock Resorts for $650 million in cash, the tribe and Red Rock announced today.
The deal, subject to regulatory approvals and other conditions, is expected to be completed this year.
The hotel-casino, which closed in March 2020 amid the pandemic shutdown, was among the few in Las Vegas not to reopen. Reopening would also be contingent on the tribe receiving a Nevada gaming license.
SAN MANUEL GAMING AND HOSPITALITY AUTHORITY TO ACQUIRE THE PALMS CASINO RESORT IN LAS VEGAS
Native American Tribe’s Affiliate to Wholly Own and Operate Casino Resort in Las Vegas
Highland, CA, May 04, 2021 (GLOBE NEWSWIRE) The San Manuel Band of Mission Indians (“San Manuel” or the “Tribe”) and the San Manuel Gaming and Hospitality Authority (“SMGHA”) today announced a definitive agreement for a subsidiary of SMGHA 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.
May 4, 2021
In Las Vegas and Red Rock Resorts Incorporated has reportedly agreed to sell its Palms Casino Resort property to the San Manuel Gaming and Hospitality Authority arm of the federally-recognized San Manuel Band of Mission Indians.
According to a report from the Las Vegas Review-Journal newspaper, the agreement for an undisclosed amount is expected to close later in the year to see the 700-room venue become the Nevada city’s second tribal casino following the recent opening by Mohegan Gaming and Entertainment of the nearby Mohegan Sun Casino at Virgin Hotels Las Vegas development.
Prominent property:
Palms Casino Resort, which sits on 30 acres of land just west of the world-renowned