Red Rock Resorts to Sell Palms Casino Resort for $650 Million
Red Rock Resorts has announced an 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. The transaction is subject to regulatory approvals and other customary closing conditions.
“Today represents an important step for the Tribe and its long-term economic diversification strategy,” San Manuel Chairman Ken Ramirez said in a 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 Tribe currently owns and operates the San Manuel Casino in Highland, California. Palms, located on Flamingo Road just west of the Strip, has remained closed since it was shut down due to Covid-19 last March. The hotel has about 700 rooms and suites, a a 2,500-seat theater, and the Palms Place condominiums.
Station Casinos is the leading provider of gaming and entertainment to the residents of Las Vegas, Nevada. Station Casinos’ properties, which are located throughout the Las Vegas valley, are regional entertainment destinations and include various amenities, including numerous restaurants, entertainment venues, movie theaters, bowling and convention/banquet space, as well as traditional casino gaming offerings such as video poker, slot machines, table games, bingo and race and sports wagering.
Station Casinos currently owns and operates Red Rock Casino Resort Spa, Green Valley Ranch Resort Spa Casino, Palms Casino Resort, Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Sunset Station Hotel & Casino, Santa Fe Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Fiesta Rancho Casino Hotel, Fiesta Henderson Casino Hotel, Wildfire Rancho, Wildfire Boulder, Wild Wild West Gambling Hall & Hotel, Wildfire Sunset, Wildfire Valley View, Wildfire Anthem and Wildfire Lake Mead.