IE's San Manuel Acquires Las Vegas Palms In $650M Cash Deal

INLAND EMPIRE, CA — The Inland Empire-based San Manuel Band of Mission Indians announced Tuesday it will acquire the Palms Casino Resort in Las Vegas. The $650 million cash deal was confirmed by seller Red Rock Resorts, Inc., in a same-day separate announcement.

After 35 years of operating San Manuel Casino in Highland, the Tribe said the acquisition reflects a milestone.

"Today represents an important step for the Tribe and its long-term economic diversification strategy,” said San Manuel Chairman Ken Ramirez. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”

The Palms, which has been closed for over a year amid coronavirus, is located just west of I-15 near the Las Vegas Strip, and includes a casino, approximately 700 hotel rooms and suites, multiple casual and upscale dining options, meeting and convention space, a 2,500-seat theater, pool and spa, other amenities and Palms Place condominiums.

For years, the Tribe has shown an interest in Las Vegas through contributions to non-profits and Las Vegas institutions including UNLV’s William F. Harrah College of Hospitality and William S. Boyd School of Law, the Public Education Foundation and Shade Tree Shelter, plus partnerships with the Las Vegas Raiders and Allegiant Stadium, and the Vegas Golden Knights.

The definitive agreement between Red Rock subsidiary Station Casinos LLC and a San Manuel Gaming and Hospitality Authority subsidiary is subject to regulatory approvals and other customary closing conditions.

“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts. Our Board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy,” said SMGHA Chairwoman Latisha Casas. “We are excited to move forward with this transaction.”

The Tribe currently has a major expansion project underway at San Manuel Casino featuring 432 guest rooms, expanded high-limit gaming, new dining amenities and a special events space. This expansion will add more than 2,000 new Inland Empire jobs by the end of 2021, according to the Tribe.