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Palms Resort in Las Vegas sold for $650M to California tribe |

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Palms Resort in Las Vegas sold for $650M to California tribe

LAS VEGAS (KLAS) -- The Palms in Las Vegas was sold to a California tribe in a $650 million cash deal.

Red Rock Resorts announced the agreement with San Manuel Gaming and Hospitality (San Manuel Band of Mission Indians) Tuesday. The transaction is subject to regulatory approvals but is expected to be finalized later this year.

"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, 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.

“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 owns and operates the San Manuel Casino in Highland, California near San Bernardino.