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In Las Vegas and Red Rock Resorts Incorporated has reportedly agreed to sell its Palms Casino Resort property to the San Manuel Gaming and Hospitality Authority arm of the federally-recognized San Manuel Band of Mission Indians.
According to a report from the Las Vegas Review-Journal newspaper, the agreement for an undisclosed amount is expected to close later in the year to see the 700-room venue become the Nevada city’s second tribal casino following the recent opening by Mohegan Gaming and Entertainment of the nearby Mohegan Sun Casino at Virgin Hotels Las Vegas development.
Prominent property:
The newspaper reported that the Palms Casino Resort, which sits on 30 acres of land just west of the world-renowned Las Vegas Strip, was opened by American entrepreneur George Maloof in November of 2001 complete with a 94,840 sq ft gaming floor as well as multiple upscale and casual dining options, a 2,500-seat theater and a pool and spa facility. Red Rock Resorts Incorporated purportedly spent $312.5 million to purchase the venue in 2016 before initiating a $690 million renovation program that brought in art from Damien Hirst and Andy Warhol and saw the development open two-story rooftop villas with access to a cantilevered infinity pool offering views out over southern Nevada.
Coronavirus closure:
However, the Palms Casino Resort was reportedly closed in March of last year when fears connected to the the coronavirus pandemic forced local authorities to shutter all of Nevada’s over 450 casinos for 78 days. The Chief Executive Officer for Red Rock Resorts Incorporated, Frank Fertitta, purportedly later told investors that the property would only be officially revived when demand increased although there was ‘light at the end of the tunnel’ owing to a decline in infections and the successful rollout of vaccines.
California concern:
For its part and the San Manuel Band of Mission Indians is reportedly responsible for southern California’s San Manuel Casino, which is located in the San Bernardino County community of Highland approximately 70 miles east of Los Angeles. This 432-room venue purportedly opened in 1986 and has since become one of the most popular casinos in ‘The Golden State’ thanks to its collection of over 4,900 slots and 100 gaming tables.
Expected enthusiasm:
Latisha Casas, Chair for the San Manuel Gaming and Hospitality Authority, reportedly told the Las Vegas Review-Journal that the Palms Casino Resort ‘is a well-designed property’ that has been ‘beautifully redeveloped and maintained’ by Red Rock Resorts Incorporated. She purportedly moreover proclaimed that the San Manuel Band of Mission Indians is ‘excited to move forward with this transaction’ so as to allow its many ‘loyal guests’ to enjoy everything the four-star venue has to offer.
Economic exercise:
For his part and Ken Ramirez, Chair for the San Manuel Band of Mission Indians, reportedly described the acquisition of the Palms Casino Resort as ‘an important step’ in his tribe’s ‘long-term economic diversification strategy’. He purportedly finished by pronouncing that the group is now looking forward to joining a Las Vegas community that ‘that we have come to know and appreciate.’
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