The Palms Casino Resort, a prominent destination on the Las Vegas Strip, has undergone several ownership changes since its inception in 2001. Originally developed by the Maloof family, the resort was designed to cater to a younger demographic and featured a unique blend of luxury and entertainment. The Maloofs, who were also known for mega riches (megarichesuk.uk) their ownership of the Sacramento Kings NBA team, operated the casino until 2016.
In 2016, the Palms was sold to Station Casinos, a major player in the Las Vegas gaming industry, for approximately $312.5 million. Station Casinos, which operates several properties in the Las Vegas area, aimed to revitalize the Palms and enhance its appeal to both locals and tourists. The acquisition marked a significant shift as Station Casinos integrated the Palms into its portfolio, which included well-known properties like Red Rock Casino and Green Valley Ranch.
However, the ownership landscape changed again in 2021 when the Palms was sold to the San Manuel Band of Mission Indians for $650 million. This marked a historic moment as it was one of the first times a Native American tribe acquired a major casino on the Las Vegas Strip. The San Manuel Band of Mission Indians, based in California, has a successful history in the gaming industry with their own casino, San Manuel Casino, which has been a significant contributor to their economic development.
The acquisition of the Palms by the San Manuel Band of Mission Indians was seen as an opportunity to expand their gaming operations and bring a new perspective to the Las Vegas market. The tribe expressed a commitment to reinvigorating the property and enhancing its offerings, including dining, entertainment, and gaming experiences. Their plans included investments to upgrade the facilities and attract a diverse clientele, aiming to blend the unique cultural heritage of the tribe with the vibrant atmosphere of Las Vegas.
As of now, the San Manuel Band of Mission Indians continues to own the Palms Casino Resort, and they have been actively working on renovations and strategic initiatives to position the property as a premier destination on the Strip. The tribe’s ownership signifies a growing trend of Native American involvement in the gaming industry, particularly in major metropolitan areas like Las Vegas.
In summary, the Palms Casino Resort is currently owned by the San Manuel Band of Mission Indians, following its sale from Station Casinos in 2021. This ownership change reflects a broader trend of diversification in the gaming industry and highlights the increasing influence of Native American tribes in the Las Vegas market. The future of the Palms under the San Manuel Band’s stewardship looks promising, with plans for revitalization and a focus on creating a unique experience that honors both their heritage and the vibrant culture of Las Vegas.