![]() Red Rock Resorts spent more than $1 billion on the 703-room Palms, acquiring the property in 2016 for $321.5 million and then embarking on a $690 million redevelopment effort that became a financial drain on the company.Ī year ago, during a quarterly conference call, Red Rock Resorts CEO Frank Fertitta III sternly shot down reports the Palms was being sold. We are excited to move forward with this transaction.” “Our board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy. “The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,” San Manuel Gaming Chairwoman Latisha Casas said in a statement. ![]() ![]() ![]() The Palms, which is located roughly a mile west of the Las Vegas Strip, has been closed since March 2020 following the state’s 78-day shutdown of gaming due to the pandemic. ![]()
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