Las Vegas: Palms Casino sold

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Peter Brandt 12. May 2021

The San Manuel Band of Missions Indians bought the Palms Casino Resort for $ 650 million. The gaming group, which is also known as “San Manuel” or “Tribe” in the industry, takes over the Palms from Red Rock Resorts. The deal should take place this year, provided that the official permits are met and the usual requirements have been met.

The usual hustle and bustle in Las Vegas failed for a long time due to the corona pandemic. ((©466654/Pixabay)

Jump to Vegas

With the acquisition of the Palm Casino Resort, “San Manuel” ventures into the really big casino pond. The gaming group has decades of experience in the industry, but has not yet operated in Las Vegas. Nevertheless, the gaming metropolis is no unknown terrain for the company. The “tribe” has been for years involved in the urban community and makes a non -profit contribution to local organizations and institutions. These include the “William F. Harrah College of Hospitality”, the “William S. Boyd School of Law” and the project “The Shade Tree“, Which offers homeless and abused women and children a home. Economic partnerships such as the Las Vegas Raiders and the Vegas Golden Knights are also part of the portfolio of the “Tribes”.

The purchase of the Palm Casino Resort for $ 650 million, despite the connection, provides Las Vegas a milestone for the group. This is also known by the chairwoman Latisha Casas, who wants to approach the project with great expectations and much anticipation:

“Today is an important step for our long -term economic goals. The Palms is a top establishment that was renovated and maintained by Red Rock Resorts. We as the board of directors are therefore certain that the loyal guests of the San Manuel Casinos will enjoy the Palms to the fullest. We look forward to being able to handle the deal as soon as possible and get started. ”Latisha Casas, Chair of San Manuel, Official press release from San Manuel

Losing business for Red Rock

The industry media had already reported a possible sale of the palm before the deal was officially announced. The purchase price was estimated in advance between $ 800 and $ 900 million. Ultimately, however, it was only $ 650 million that San Manuel of Mission Indians put on the table for the Palms Casino. For the still owner Red Rock Resorts, this deal marks an immense loss of loss. The parent company of Station Casinos LLC had the Palms in 2016 Bought from the Mallof family for $ 312.5 million And invested again in the establishment of $ 690 million in the establishment.

Corona Pandemie as Killer. The expectations that Red Rock Resorts had for the Palms project were never met despite the immense investment. Due to the corona pandemic and the associated lockdown measures, the Palms has been closed since March 2020. The standstill of over a year has now forced Red Rock to put the Palms Casino under value. Since the first loosening in Vegas has already entered into force and a complete cancellations of the restrictions are planned from the summer months, San Manuel should drive significantly better with the Palms.

Economic goals

San Manuel has the Palms chosen as essential building block for the long -term corporate goals. In any case, the casino brings the necessary properties. On the one hand it is in a very favorable location to west of the I-15 near the famous Las Vegas Strip. On the other hand, the equipment is also impressive. The Palms houses a casino, approximately 700 hotel rooms and suites, several restaurants as well as conference and knife. A theater with 2,500 seats, a spa with a pool and several condominiums are also part of the Palm portfolio.

The purchase of the casino hotel is the center of the economic goals, but the San Manuel of Mission Indians plans to expand in other corporate areas. According to its own statement, the group with 4,900 employees is one of the top employers in South California. This brand is to be expanded further. At the moment you work On a large expansion project in the San Manuel Casino, The 432 guest room, expanded high-limits games, new gastronomic facilities and a special event room. The planned renovation and expansion measures are said to have been carried out by the end of 2021 and create more than 2,000 new jobs in the gambling industry.

Casino for high scooters. The San Manuel Casino is located in the Highlands of California and appeals to high-limits. The glamorous presentation of the establishment exudes a luxurious flair accordingly.