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Casino News:Station Casinos parent company buys Palms for $312M
Station Casinos parent company Red Rocks Resort Inc. has escalated the battle for Las Vegas locals casino dominance by acquiring the Palms Casino Resort for $312.5 million.
Company officials will discuss the deal in detail during its earnings conference call Wednesday.
“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 Tuesday.
“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.
The transaction is scheduled to close in the third quarter and is dependent on customary state and federal regulatory approvals.
