LAS VEGAS (FOX5) -- Palms Las Vegas has been sold for a California tribe for millions.
Red Rock Resorts and the San Manuel Gaming and Hospitality Authority announced Tuesday that Palms was sold to the San Manuel Band of Mission Indians for $650 million in cash. San Manuel estimated the deal will close in late 2021.
"Today represents an important step for the Tribe and its long-term economic diversification strategy,” San Manuel Chairman Ken Ramirez said. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
"We think this is up to the regulators and the licensing authorities. We are ready to go and so it's really a question of hopefully several months and hopefully getting this wrapped up by the end of the year. That would be our hope," said COO Rikki Tanenbaum.
Leaders also discussed employment opportunities.
"I think the previous owners had about 1,300 employees or so. We'll probably be very similar," said CEO Laurens Vosloo.
Geoconda Argüello-Kline with the Culinary Union said they will continue negotiations:
The Culinary and Bartenders Unions are recognized as the bargaining representative at the Palms Casino and are currently in negotiations with Station Casinos for a first union contract. We will continue negotiations with current and future owners to ensure workers are protected and jobs are retained.
The Culinary Union looks forward to completing a first union contract - whether it’s before the sale of the property is completed and the new owners are licensed, or after.
The owners say they plan to keep the Palms name for now but say they are keeping their options open on the name down the road.
Red Rocks Resorts operates Station Casinos including Palms, Red Rock Casino, Green Valley Ranch, Palace Station and more.