San Manuel Invests in the Palms Casino Resort for the sum of $650M. This would see it invest in Red Rock Resorts, and its Station Casinos. (Image Source: Sanmanuel.com)
The SMGHA (San Manuel Gaming and Hospitality Authority) and SMBMI (San Manuel Band of Mission Indians) have established an agreement for the acquisition of Palms Casino Resort of Las Vegas for the sum of $650,000,000. The transaction would see an SMGHA subsidiary invest in the place from Red Rock Resorts, alongside its subsidiary of Station Casinos, which is believed to shut down this year as a result of the regulatory approvals receipt and some other closing conditions.
Statement from Sam Manuel’s chairperson
Sam Manuel’s chairperson, Ken Ramirez said that;
The move is a necessary step for the Tribe and its strategy for long-term economic diversification. He spoke on behalf of the truce stating that they’re thankful for the chance to be part of a community that they’ve come to be aware of and appreciate.
According to the Tribe, it’s long shown an interest in and supported the community of Las Vegas. The support has been happening via contributions to institutions and nonprofits, which includes William S Boyd School of Las and William F Harrah College of Hospitality, the State Tree Shelter and Public Education Foundation, including a partnership with the Vegas Golden Knights and the Las Vegas Raiders and Allegiant Stadium.
The Palms have been closed for more than a year and is situated west of I-15 close to Feb Las Vegas Strip, then has a casino, about 700 suites, and hotel rooms, several upscale and casual dining options, convention and meeting space, a theater with 2500 seats, spa and pool, other amenities and also condos of Palms Place.
Statement from the chairperson of SMGHA
The chairperson of SMGHA, Latisha Casas, also added that:
The Palms has an excellent design that’s been redeveloped with style and maintained well by Rock Resorts. She also added that their board feels that the Palms is somewhere that lots of loyal guests of San Manuel Casino would love. They are glad to proceed with the transaction.
About San Manuel
San Manuel has transformed the West Coast gaming industry with its spacious and elegant Tables and High Limits Slots gaming rooms, staffed and designed to the taste of high-limit players. In these rooms, there’s an array of amenities made for the topmost gaming experience. The SMBMI presently has an expansion project happening soon at its San Manuel Casino, which features 432 guest rooms, new dining amenities, expanded high limit gambling, and an events place. By the end of this year, the project will add over two thousand new jobs.
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