The price San Manuel has agreed to pay to buy the hotel and casino resort comes in well below the nearly $1 billion total investment that Red Rock Resorts plowed, but according to gambling industry analyst Barry Jonas, Wall Street “had largely written the property off given recent underperformance and its Covid-related closure.” The company sunk more than $620 million into renovations that included a focus on contemporary art and the addition of facilities geared toward a younger, nightlife-driven generation of customers. Red Rock Resorts, an entity controlled by the Fertitta family, acquired the Palms in 2016 for just under $313 million. In March, Connecticut-based operator Mohegan Gaming & Entertainment launched a gambling venue under its Mohegan Sun brand at Virgin Hotels Las Vegas. The transaction makes San Manuel only the second tribe to set foot in Las Vegas. in a $650 million deal that is expected to close later this year. California’s San Manuel Band of Mission Indians is set to acquire Palms Casino Resort in Las Vegas from its current owner Red Rock Resorts Inc.
