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San Manuel Tribe (SoCal) Buys Palms

Discussion in 'Off-Strip Hotels' started by Sonya, May 4, 2021 at 8:19 AM.

  1. Sonya

    Sonya Queen of VMB

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    https://www.cdcgamingreports.com/southern-californias-san-manuel-tribe-buying-the-off-strip-palms-from-red-rock-resorts/

    Southern California’s San Manuel Indian Band of Mission Indians is acquiring the off-Strip Palms Casino from Red Rock Resorts and will become the second tribe to operate a gaming resort near the Las Vegas Strip.

    In a statement Tuesday morning, the San Manuel Gaming and Hospitality Authority said it expects to close the transaction by the end year following regulatory approval. In a separate statement Tuesday, Red Rock said the sale price was $650 million.

    “Today represents an important step for the Tribe and its long-term economic diversification strategy,” San Manuel Chairman Ken Ramirez said in a statement. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
     
    • Wow! Wow! x 1
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  2. MattyVTX

    MattyVTX Tourist

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    Very good news. The remodel that Stations spent all the money on was fantastic. Hope they can get this reopened quickly.
     
    Summer 2021
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  3. joespoolhall

    joespoolhall VIP Whale

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    It won't happen overnight. You need to hire and train probably a thousand employees or more. Determine if restaurants and shops are house run or leased and proceed from there. Next will be any physical changes, which might take time. I'm sure they want to get it right since they're new to the market. This won't be a five day reality show turn around.
     
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  4. Sonya

    Sonya Queen of VMB

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    Some other articles indicated they hope for approval "by the end of 2021". I'm not 100% sure of the timeline here, but it does not sound like it will be quick.
     
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  5. joespoolhall

    joespoolhall VIP Whale

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    Thanks Sonya. I listed some tasks previous, that need to be done, but first and foremost is state approval. Without that, you've got nothing. History shows at least a couple of quarters, which takes us to the end of the year as Sonya said.
     
  6. smartone

    smartone VIP Whale

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    More good news! Bargain price for the tribe and I'm sure Stations is happy to unload the property. I'm happy to see continued investment in Las Vegas and it's future!!!
     
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  7. ddechenne

    ddechenne Low-Roller

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    I don’t know anything about this new owner group, but, diversity of ownership is a good thing.
     
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  8. Sonya

    Sonya Queen of VMB

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    Bailey Schulz (LVRJ reporter) tweeted this morning:

    Gaming analyst Chris Grove said he expects the Strip and nearby areas to “de-consolidate” in the near future and tribal gaming to be a “material component of the next wave of Las Vegas casino ownership.”
     
    • Informative Informative x 4
  9. breanna61

    breanna61 Super Moderator

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    I hope they bring back the Palms staff; they really had some great staff there.
     
    Christmas at Cosmo
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  10. roycpa

    roycpa High-Roller

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    Stations really got handed their lunch in this deal - they spent more remodeling than they sold the whole thing for! Their stock (RRR) is still at or near it's high for the last 3 years.
     
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  11. TomTWI

    TomTWI Custom Title

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    Gold Coast and Rio will benefit from it's opening also. When all three operated it made a nice little cluster for variety and competition.

    TomTWI
     
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  12. thebeachbum

    thebeachbum Low-Roller

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    My big question is whether they will have to abide by and be under the enforcement of Nevada's Gaming Control Board or not. If not, they will only have the non-existent federal oversight on their gambling operations and can make their own interpretation on paying jackpots or say "malfunction".
     
  13. AllenAndRossi

    AllenAndRossi High-Roller

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    They are purchasing a business and will be subject to follow the laws of Nevada and abide by the Gaming Board.

    Palms isn't on tribal land.

    I do find it interesting that the tribes are able to get into non-tribal gaming while standard business/corporate entities could not purchase a tribal casino that operates under a compact.
     
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  14. ngrund

    ngrund High-Roller

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    Think of it this way-

    to own a tribal casino (under the federal statute), the entity needs to be owned by a qualified Native American Nation (as determined by the Feds), to own any regular business, there is no additional qualification so as long as they have the financing and can get a license..
     
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  15. philvie

    philvie Low-Roller

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    Hope they bring back the same buffet, I loved it
     
  16. SoCalMon

    SoCalMon High-Roller

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    Their located in Southern California in Highland, CA. I live about an hour from there and I go every couple months. They have the best free play kiosk promotions out of every casino I have been to, kind of like Golden Nugget but more. They do gift cards or free play option like golden nugget does, they do free play pick me kiosks game, they do thursday scratch the piggy game if you give them your email and the amount is based on play, they do birthday month free play based on play, and also 2 high limit rooms in there gives me from 30-1000 depending on what door i choose on the kiosk from monday-thursdays. Also if you go on your birthday regardless of play you can spin a wheel on kiosk to win up to 100 free play. They do food credit based on play as well and bonus free play if you have their app on your phone. They are really good. Here is their website if you want to check them out https://www.sanmanuel.com/
     
  17. azbob

    azbob High-Roller

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    Just to review the numbers and then a comment.
    Red Rock Resorts (Stations) bought the Palms for $312.5m and then spent $700m in renovations. They sold it to the SM Tribe for $650m. In the local paper, Red Rock Resorts Director Lorenzo Fertitta is quoted as saying things, "maybe didn't go exactly as planned at the Palms." The Fertitta family also owns the Houston Rockets...maybe their season isn't going exactly as planned either as they are 16-50 and the worse team in the league. It's hard to fire the owners.
    Meanwhile, the SM Tribe has already had a presence in LV making charitable donations to a number of local agencies over the past year and the leaders were on every channel today talking about their commitment to the market. Excellent first steps especially given the new Native American owners of the Virgin have been missing in action and the excitement of that property opening lasted about a weekend with current crowds non-existent. The opening of the new Palms will fit nicely months after Resorts World and hopefully that can be by NYE...I'm looking forward to another option.