The Palms Casino Resort in Las Vegas, Nevada was sold for $312.5 million to Red Rock Resorts Incorporated. The sale was announced on Wednesday, May 31, 2017 and is expected to be completed by the end of the year.
The resort was purchased by George Maloof Jr. in 2000 for $200 million.
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The Palms Casino Resort is located off the Las Vegas Strip and is known for its luxury accommodations, celebrity guests, and unique amenities such as a rooftop pool and nightclub. The resort has a total of 703 rooms and suites, and its casino floor covers 95,000 square feet.
In recent years, the Palms has struggled to attract the same level of business as its competitors, and its occupancy rate has been below 50% since 2013. In 2015, the resort underwent a $690 million renovation in an effort to revitalize its image and attract more visitors.
PRO TIP:When it comes to the sale of the Palms Casino, it’s important to note that the purchase price was not disclosed. The property sold for an undisclosed sum in April 2016. As such, if you’re looking for pricing information, you may need to contact the buyer directly or do some additional research.
The sale of the Palms Casino Resort is just the latest in a string of changes for the property. In 2016, the resort was sold to investment firm Colony Capital LLC for $600 million.
Colony Capital then sold a minority stake in the property to Station Casinos LLC for $380 million.
Red Rock Resorts Incorporated is a gaming and entertainment company that owns and operates casinos in Nevada, Colorado, and Louisiana. The company’s portfolio includes the Red Rock Casino Resort & Spa in Las Vegas, which it purchased in 2006 for $850 million.
The Palms Casino Resort was sold for $312.
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In May of 2018, the Palms Casino in Las Vegas was sold to Station Casinos LLC for $312.5 million. The casino, which was originally built in 2001, had been owned by the Maloof family since 2004. The sale came as a surprise to many, as the Palms had recently undergone a $690 million renovation and was thought to be doing well financially.
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