Palms Casino Resort, a prominent gaming and entertainment destination in Las Vegas, has undergone several ownership changes since its inception in 2001. Originally developed by the Maloof family, the casino was a significant part of Las Vegas’s vibrant nightlife and entertainment scene. The Maloofs were known for their involvement in various business ventures, including sports and entertainment, and they successfully positioned the Palms as a hotspot for celebrities and high-profile events.
In 2016, the ownership of the Palms changed hands when the Maloof family sold the property to Red Rock Resorts, a company that operates several other casinos in the Las Vegas area, including the popular Station Casinos. The acquisition was part of a larger strategy by Red Rock Resorts to expand its portfolio and enhance its presence in the Las Vegas market. The purchase price was reported to be around $312.5 million, and it marked a new chapter for the Palms as Red Rock aimed to revitalize the property and attract a broader audience.
Under Red Rock’s ownership, the Palms underwent significant renovations and rebranding efforts to modernize the casino and its facilities. The company invested heavily in upgrading the gaming floor, hotel rooms, and entertainment venues, aiming to restore the Palms to its former glory while also appealing to a new generation of visitors. The renovations included the introduction of new restaurants, bars, and entertainment options, making the Palms a more competitive destination in the ever-evolving Las Vegas landscape.
In 2021, the Palms Casino Resort was sold again, this time to the San Manuel Band of Mission Indians, a federally recognized Indian tribe based in California. The acquisition was noteworthy as it marked the first time a Native American tribe had purchased a casino resort on the Las Vegas Strip. The San Manuel Band paid approximately $650 million for the property, signaling their ambitions to expand their gaming operations beyond California.
The San Manuel Band’s ownership brought a new vision for the Palms, focusing on enhancing the guest experience while honoring the resort’s legacy. The tribe planned to integrate their cultural values and hospitality into the operations of the Palms, aiming to create a unique atmosphere that resonates with both local residents and tourists. This ownership change also indicated a growing trend of tribal gaming entities entering the Las Vegas market, reflecting the evolving dynamics of the gaming industry.
In conclusion, the Palms rolletto casino Resort has seen a series of ownership transitions, from the Maloof family to Red Rock Resorts, and most recently to the San Manuel Band of Mission Indians. Each ownership change has brought new strategies and visions for the property, ultimately contributing to its ongoing evolution as a key player in Las Vegas’s competitive gaming and entertainment scene. As the Palms continues to adapt to the changing landscape, it remains a significant landmark in the heart of Las Vegas.
