San Manuel Band of Mission Indians plans to acquire the Palms in Las Vegas for $650 million


The San Manuel Band of Mission Indians, the owners of San Manuel Casino in Highland, announced Tuesday, May 4, that the tribe planned to purchase the Palms in Las Vegas.

The tribe and the San Manuel Gaming and Hospitality Authority will acquire the 20-year-old casino property for $650 million, according to a news release from current Palms owner Red Rock Resorts. The transaction is expected to close in 2021, but is subject to regulatory approvals and other closing conditions, according to a news release from San Manuel.

“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,” San Manuel Gaming and Hospitality Authority Chairwoman Latisha Casas said in a news release. “We are excited to move forward with this transaction.”

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Prior to the acquisition, the San Manuel Band had been making forays into the Las Vegas market in a number of different ways.

In October 2018, San Manuel announced a partnership with the Vegas Golden Knights, for the 2018-2019 NHL season.

A year later, the tribe announced a partnership with Allegiant Stadium and the Raiders that designated San Manuel Casino as a founding partner of the stadium and a sponsor of the team beginning with the 2020 season.

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On Feb. 21, 2020, the tribe announced that it had given the University of Nevada, Las Vegas $9 million to support education and innovation around tribal gaming operations and law at the university.

The Palms, an off-strip property on West Flamingo Road, was first built in 2001 by the Maloof family, but ran into financial trouble during the Great Recession and was later acquired by Station Casinos — part of the larger Red Rock Resorts — in 2016 in a deal valued at nearly $313 million, according to the Las Vegas Review-Journal.

The property closed to reservations amid the novel coronavirus pandemic, but in times when it was open boasted a hotel; a gaming floor with 1,500 slots; a sportsbook; bars, lounges and restaurants (including one on the rooftop), and boutique shops. A season of MTV reality show “The Real World” was filmed there.

  • A general view during the grand opening of KAOS Dayclub at the Palms Casino Resort on April 07, 2019 in Las Vegas, Nevada. (File photo by David Becker/Getty Images for Palms Casino Resort)

  • The Palms Hotel and Casino in Las Vegas on October 3, 2018.(File photo by MARK RALSTON/AFP via Getty Images)

  • The Palms Hotel and Casino in Las Vegas on October 3, 2018. (File photo by MARK RALSTON/AFP via Getty Images)

  • The Palms Casino Resort is seen during the From Dust To Gold preview party at the Palms Casino Resort on May 17, 2018 in Las Vegas, Nevada. (File photo by David Becker/Getty Images for Palms Casino Resort)

  • The Palms Casino Resort’s marquee is seen during the From Dust To Gold preview party at the Palms Casino Resort on May 17, 2018 in Las Vegas, Nevada. (File photo by David Becker/Getty Images for Palms Casino Resort)

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Station Casinos had been having its own financial struggles recently.

Following reports of declining revenue, Frank Fertitta III, CEO of  Red Rock Resorts, said in an earnings call that it was unclear whether a list of several casinos that included the Palms would reopen in the wake of COVID-19, according to the Review-Journal.

The casino was still listed as closed and not taking any reservations in a spot check of its website on Thursday, April 29.

San Manuel would be the second tribe operating in Las Vegas’ resort corridor. Mohegan Gaming & Entertainment, operated by Connecticut’s Mohegan Tribal Gaming Authority, runs the recently opened casino at Virgin Hotels Las Vegas (formerly the Hard Rock Hotel).

As the San Manuel tribe works to expand its casino empire in another state, it has been expanding its original casino property in Highland as part of a $550-million, three-phase expansion project. The first phase is expected to open in July and will include an expanded gaming floor, a 24-hour restaurant, three shops, and a high limit room; that will be followed by the opening of 17-story hotel, pool and spa before the end of 2021; and a 2,800 seat event center in early 2022.

This story is developing. Check back for updates.


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Source:  https://www.dailynews.com/2021/05/04/san-manuel-band-of-mission-indians-plans-to-acquire-the-palms-in-las-vegas/



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