The San Manuel Gaming and Hospitality Authority (San Manuel Band of Mission Indians) announced an agreement to acquire the Palms Casino Resort from Red Rock Resorts, Inc.
According to Bloomberg, this is the biggest purchase by a Native-Indian tribe in Las Vegas.
“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.”
Red Rock recently spent $690 million on renovations which only began in 2017. The Palms Casino Resort has also been closed for over a year.
The transaction is subject to regulatory approvals and other customary closing conditions.