The San Manuel Band of Mission Indians has announced it will buy the Palms Casino Resort, a Red Rock property off the Las Vegas Strip.
US.- The California tribe San Manuel Band of Mission Indians has announced its acquisition of the Palms Casino Resort off the Las Vegas Strip.
The tribe will pay Red Rock Resorts, $650m for the venue. The deal is expected to be completed later this year subject to regulatory approval by the Nevada Gaming Commission.
It will be the second tribal enterprise to enter the Las Vegas market this year after the opening of a casino at Virgin Hotels Las Vegas by Mohegan Gaming and Entertainment.
San Manuel chairman Ken Ramirez said in a news release: “Today represents an important step for the tribe and its long-term economic diversification strategy. 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 operates its flagship San Manuel Casino in Highland, California, as well as several hotels throughout California and an office building in Washington DC.
The Palms Casino Resort, a 700-room property, was acquired by Red Rock Resorts in 2016 for $312.5m. Red Rock invested $620m revamping the property, according to Las Vegas Sun newspaper.
The casino has been closed since the pandemic hit the US in March 2020.