Palms Sold To Station Casinos' Parent CompanyCompany To Bolster Offerings To Locals Market |
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The parent company of Station Casinos announced this week that it has reached an agreement to acquire the Palms, located just off the Las Vegas Strip, for $312.5 million in cash.
Red Rock Resorts said that it is gaining “a leading gaming asset” with the Palms.
Marc Falcone, Executive VP, CFO and Treasurer of Red Rock Resorts, said in a statement:
“With its appeal to both Las Vegas residents and tourists alike, the Palms is a hybrid gaming property that is uniquely positioned to benefit from the strong economic trends in Southern Nevada and record visitation levels in Las Vegas. With our experience owning and operating other hybrid offerings in Las Vegas, it is a compelling strategic addition to our portfolio of properties and we look forward to welcoming the Palms’ team members to our Company.”
The Palms was owned by TPG Capital and Leonard Green & Partners LP.
The Palms has 95,000 square feet of gaming floor space, equipped with 1,250 slots and 48 table games. It once had a poker room, but decided to close it in 2014.
Station Casinos was the company behind Ultimate Poker in Nevada and New Jersey, but the group decided to close the site down due to lackluster traffic.
The Palms transaction is expected to close during the third quarter of 2016.
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