The Californian San Manuel Band of Mission Indians has announced that it will purchase the Palms Casino Resort for $ 650 million from Red Rock. Thus, it becomes the second tribal company to reach the Las Vegas market.
The transaction is expected to be completed in late 2021, subject to regulatory approval from the Nevada Gaming Commission.
It should be noted that this property has been closed since March 2020 due to the COVID-19 crisis in the United States, it has 700 rooms and was acquired by Red Rock Resorts in 2016 for $ 312.5 million, a company that later invested 620 million dollars in its remodeling.
Regarding this significant acquisition, Ken Ramírez, president of the tribe, emphasized that it is an important step in the "long-term economic diversification strategy."
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