Palms deal continues growth of Native American ownership of Nevada casinos

Palms Casino Resort’s acquisition of SMGHA highlights Native American ownership growth in Nevada The recent announcement that Las Vegas’ Palms Casino Resort will move to Native American ownership is another very exciting development for the Nevada gambling industry.

The San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority (SMGHA) have agreed that a subsidiary of SMGHA will acquire a venue from Red Rock Resorts, Inc.

The transaction will be completed towards the end of the year, subject to regulatory approval and receipt of other customary termination conditions.

Palms includes a casino, approximately 700 hotel rooms and suites, multiple dining options, conference and convention spaces, a 2,500-seat theater, pool and spa, condos, and other amenities.

The tribe has operated the San Manuel Casino in Highlands for the past 35 years. More details can be found on the California Casino Map. At Casinos.us ..

Tribes are pleased to diversify their activities San Manuel “Thanks for the Opportunity” Expanding Their Business to Las Vegas $ 650 million transaction It’s a bargain for Saint-Manuel, and the purchase price is well below the total investment in the Red Rock venue of about $ 1 billion.

The opening of the mega club KAOS on the site triggered a difficult spell for Palms, and the tribe seems to have started moving at just the right time.Ken Ramirez, chairman of San Manuel, said the deal was an important step towards the tribe and its long-term economic diversification strategy.“On behalf of the tribe, we are grateful for the […]

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