The San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority have entered into a definitive agreement for a subsidiary of SMGHA to acquire Las Vegas’ iconic Palms Casino Resort 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.
The Palms, which has been closed for over a year, 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.
San Manuel Chairman Ken Ramirez noted: “Today represents an important step for the tribe and its long-term economic diversification strategy. 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 has been a long-term supporter of the Las Vegas community through contributions 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. It also has partnerships with the Las Vegas Raiders and Allegiant Stadium, and the Vegas Golden Knights.
SMGHA Chairwoman Latisha Casas stated: “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. We are excited to move forward with this transaction.”