Red Rock Resorts acquired the property five years ago and spent $690 million renovating it in a project that wrapped up in 2019. “Our Board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy.” “The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,” San Manuel Gaming and Hospitality Authority Chairwoman Latisha Casas said in a statement.
The property also includes Palms Place condo units. The 19-year-old Palms includes a casino, 700-room hotel, a range of dining facilities, meeting and convention space, a 2,500-seat theater, pool and pool. The parties expect the deal to close later this year, pending regulatory approvals and other closing conditions. (Nasdaq: RRR), for $650 million in cash, subject to customary adjustments, according to an announcement on Tuesday. The Southern California tribe has signed a definitive agreement for a subsidiary of its San Manuel Gaming and Hospitality Authority to acquire the property from Station Casinos LLC, a division of Las Vegas-based Red Rock Resorts Inc. The San Manuel Band of Mission Indians has continued its investment in Las Vegas with a deal to acquire the Palms Casino Resort.
