San Manuel did not detail any exact plans for the casino resort. They said San Manuel presented a great opportunity, and the sale lets the company keep its operations and balance sheet simple. Nevada's gaming shutdown came just four months later.ĭuring an earnings call Tuesday, executives for Red Rock Resorts said the company wasn't thinking about selling Palms before the pandemic hit, but the closures 'allowed us to reassess everything.' KAOS, the Palms' dayclub and nightclub, closed its doors in November that year, despite touting headlining musical artists like Cardi B and Skrillex.Īn executive at the time said Palms' gaming and non-gaming business were growing, but 'the expense side of the business has been challenging to date, due in large part to the entertainment and fixed cost structure associated with KAOS.' The resort, originally developed by the Maloof family, went through financial trouble before Station Casinos agreed to purchase it in 2016.Ī 'grand re-opening' in April 2019 marked the completion of $690 million in renovations, but the immediate results were inconsistent. Palms has undergone several highs and lows since it opened nearly 20 years ago. The hotel has about 700 rooms and suites, and the resort includes a 2,500-seat theater and the Palms Place condominiums. Red Rock Resorts CEO Frank Fertitta denied rumors of a possible sale of the Palms last May. Palms, located on Flamingo Road just west of the Strip, has remained closed since Nevada's COVID-prompted gaming shutdown in March last year.Įven after casinos were cleared to reopen in June, Station Casinos has opted to keep the Palms dark, along with three other locals-focused properties. Vital Vegas was the first to report the sale agreement. The Tribe currently owns and operates the San Manuel Casino in Highland, California, east of San Bernardino. 'On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.'

'Today represents an important step for the Tribe and its long-term economic diversification strategy,' San Manuel Chairman Ken Ramirez said in a statement. San Manuel said in a press release it expects the sale to close later this year. The deal is subject to regulatory approvals and other conditions. Red Rock Resorts, the parent company of Station Casinos, and the Tribe both announced the sale agreement Tuesday. LAS VEGAS (KSNV) - Station Casinos has agreed to sell the Palms Casino Resort in Las Vegas to the San Manuel Band of Mission Indians for $650 million in cash.

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