The off-Strip property, which has some of the most expensive - and unusual - suites in the world, was opened by the Maloof family in 2001, but ran into financial trouble during the Great Recession.
The transaction is scheduled to close during the third quarter and is dependent on state and federal regulatory approvals. “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,” Falcone said. “With the acquisition of the Palms, we gain a leading gaming asset in Las Vegas with key strategic benefits in the Las Vegas locals market and close proximity to the Las Vegas Strip,” Marc Falcone, executive vice president, chief financial officer and treasurer of Red Rock Resorts, said in a statement issued late Tuesday. Reports of a sale swirled through the industry Monday, but the deal wasn’t completed until Tuesday. has escalated the battle for Las Vegas locals casino dominance by acquiring the Palms for $312.5 million.Ĭompany officials didn’t take questions after the announcement, but will discuss the deal in detail during its earnings conference call today. Station Casinos parent company Red Rock Resorts Inc. Flamingo Road in Las Vegas is seen on Monday, May 9, 2016.
