Palms Casino Resort in Las Vegas Sold to California Tribe in $650 Million Deal

The Palms Casino Resort in Las Vegas, Nevada, was sold recently to a California tribe for millions of dollars in a cash deal.

On Tuesday, Red Rock Resorts and the San Manuel Gaming and Hospitality Authority (SMGHA) said the Palms was sold to the San Manuel Band of Mission Indians for $650 million, KVVU reported, adding the deal was estimated to close later in 2021.

“Today represents an important step for the Tribe and its long-term economic diversification strategy,” San Manuel Chairman Ken Ramirez explained. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”

According to the tribe’s press release, the resort, which has been closed for more than a year, boasts a casino, about 700 hotel rooms and suites, multiple dining options, a 2,500 seat theater, pool, spa, and additional amenities:

San Manuel is a top-10 private employer in San Bernardino County in Southern California with more than 4,900 team members. The Tribe currently has a major expansion project underway at San Manuel Casino featuring 432 guest rooms, expanded high-limit gaming, new dining amenities and a special events space. This expansion will add more than 2,000 new jobs by the end of 2021.

“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,” SMGHA Chairwoman Latisha Casas said.

“We are excited to move forward with this transaction,” Casas added.

Meanwhile, the Associated Press (AP) reported Saturday Las Vegas has been crowded with tourists once casinos went from 35 percent to 50 percent occupancy on March 15 under the state’s health guidelines.

“Capacity limits in Las Vegas casinos drop again Saturday — allowing 80% occupancy — while person-to-person distancing goes from 6 feet (1.8 meters) to 3 feet (0.9 meters). Masks are still required,” the outlet said.

According to analysts, demand, available rooms, and $1,400 recovery checks from the government are part of the reasons behind the surge, the article concluded.