Las Vegas, NV (KXNT) - Red Rock Resorts, Inc. on Tuesday announced a definitive agreement between its subsidiary Station Casinos LLC and a subsidiary of the San Manuel Band of Mission Indians to sell the Palms Casinos Resort for $650 million in cash, subject to customary adjustments.
The transaction is subject to regulatory approvals and other customary closing conditions.
The 700-room, 19-year-old property has been closed since the onset of the coronavirus pandemic.
After 35 years of operating San Manuel Casino in Highland, CA, this announcement reflects a milestone for San Manuel.
"Today represents an important step for the Tribe and its long-term economic diversification strategy,” said San Manuel Chairman Ken Ramirez. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
For years, the Tribe has demonstrated an interest in the Las Vegas community and has contributed to non-profits and Las Vegas 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 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,” said SMGHA Chairwoman Latisha Casas. “We are excited to move forward with this transaction.”