American casino operator Red Rock Resorts Incorporated has announced that its Station Casinos subsidiary has finalized its purchase of the troubled Palms Casino Resort in Las Vegas from creditors for a total consideration of $312.5 million in cash.
First announced in May, the deal means that Station Casinos now owns or operates some 20 properties across the Las Vegas metropolitan area such as the Red Rock Casino Resort And Spa, the Green Valley Ranch Resort Spa And Casino, the Palace Station Hotel And Casino and the Sunset Station Hotel And Casino.
“We are excited to welcome the talented members of the Palms [Casino Resort] team to the Station Casinos family,” said Marc Falcone, Executive Vice-President and Chief Financial Officer And Treasurer for Las Vegas-based Red Rock Resorts Incorporated. “The Palms [Casino Resort’s] outstanding location, premium amenities and highly recognizable brand will allow us to provide a new level of excitement for local and visiting guests to Las Vegas.”
Red Rock Resorts Incorporated, which received unanimous approval for the purchase from the Nevada Gaming Control Board early last month, declared that the Palms Casino Resort is “uniquely positioned to benefit from strong economic trends and record visitation levels currently being experienced in the market” while stating that the acquisition would give it “a leading gaming asset in one of the most under-penetrated areas of our Boarding Pass program as well as the opportunity to appeal to out-of-town guests”.
Opened in 2001 just west of the Las Vegas Strip, the Palms Casino Resort offers a 95,000 sq ft casino complete with approximately 1,250 slots and 48 gaming tables alongside a race and sportsbook. In addition, its two hotel towers feature 702 rooms encompassing some 19 penthouses and 85 suites as well as 15 restaurants and 60,000 sq ft of convention and meeting space.