IE Business Daily Business news for the Inland Empire.
The San Manuel Band of Mission Indians has agreed to purchase the Palms Casino Resort in Las Vegas.
Closed for more than a year because of COVID-19, the casino will change hands for $650 million, according to a statement released today by Red Rock Resorts, the casino’s owner.
The transaction is expected to close later this year, pending regulatory approvals and other closing conditions. The casino-resort will be operated by the San Manuel Gaming & Hospitality Authority, an entity created for that purpose.
“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,” said Latisha Cacas, the authority’s chairwoman, in a statement released by the tribe. “Our board believes that the Palms is a casino-resort that many of San Manuel Casino’s loyal guests will enjoy.”
“We are excited to move forward with this transaction.”
The San Manuel Tribe, which has operated the San Manuel Casino in Highland for 35 years, is making a major move by purchasing an out-of-state casino, according to Ken Ramirez, tribal chairman.
“Today represents an important step for the Tribe and its long-term economic diversification strategy,” said Ramirez in the San Manuel statement. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
The Palms is located just west of Interstate 15 near the Las Vegas Strip. It has a casino, an estimated 700 hotel rooms and suites, casual and upscale dining, meeting and convention space, a 2,500-seat theater, pool and spa, condominiums and other amenities, according to the tribe’s statement.
