- The Palms Casino Resort in Las Vegas has reopened.
- In May 2021, Red Rock Resorts sold The Palms Las Vegas to the San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority for $650 million USD.
- The San Manuel Band of Mission Indians own and operate the Yaamava’ Casino Resort (formerly San Manuel Casino) in Highland, California.
The Palms Casino Resort in Las Vegas has reopened after a closure that stretched more than two years. The property is now under the ownership of the San Manuel Band of Mission Indians and the San Manuel Gaming and Hospitality Authority. The San Manuel tribal interests purchased The Palms from Red Rock Resorts for $650 million USD in May 2021. The new owners are well versed in the gaming business–they own and operate the Yaamava’ Casino Resort (formerly San Manuel Casino) in Highland, California. After evaluating the property, along with theming and market position analysis they went to work and less than a year later The Palms is back in business.
Stations Casinos closed The Palms as part of the gaming industry shutdown ordered by Nevada governor Steve Siolak on March 17, 2020 in the early days of the COVID-19 pandemic. The property was purchased by Stations Casinos’ parent Red Rock Resorts in 2016 but always felt like an awkward fit in the Fertitta product mix. Stations created the template for ‘locals’ casinos in the Las Vegas Valley but never really found clarity on the customer base they were going after. They immediately began a $620 million USD remodeling and modernization project and apparently sought to go after the ‘demographic 7-10 split’ of both the locals market and tourists. That strategy was a disaster, particularly their efforts to bring in the tourist market. The biggest misfire–a 33,000 square foot nightclub called Kaos. Kaos opened in April 2019 only to close 7 months later after burning through millions of dollars.
When the Nevada casino industry began to reopen in early June, Red Rock kept The Palms mothballed. Initially, the ‘party line’ was that it would reopen when tourist traffic justified it. Red Rock Resorts put The Palms into ‘temporary closure’ status with state gaming regulators with the end date listed as June 30, 2021. It was becoming evident that The Palms wouldn’t reopen any time soon–certainly not under Red Rock Resorts’ ownership. For awhile, there was speculation that the property would be demolished and the land repurposed for a non-gaming project.
In May 2021, the San Manuel Tribal interests purchased The Palms for $650 million USD and quickly began the process of reopening. With the Las Vegas tourism market still showing tepid recovery, they were able to be deliberative about reopening and indicated that they would be ‘re-evaluating’ the entire property before making any plans. In early April 2022, they announced a reopening date. At this point, hopes are high that the new ownership can revive the property and The Palms brand.