The Nevada Gaming Control Board contributed to a historical moment to the gambling industry in Las Vegas as it recommended a tribe from California to be the first one to have a casino when it purchases the Palms. The final approval will be in the hands of the Nevada Gaming Commission on December 16, but there weren’t any hiccups during the preliminary hearing.
The California tribe that is set to take over Palms and Palms Place condominiums adjacent to Red Rock Resorts is The San Manuel Band of Mission Indians, one of the tribes that proposed the launch of sports betting in California. The deal is set to be finalized by the end of 2021, and the total cost is $650 million.
Laurens Vosloo, the CEO of the tribe, stated that the price for which the property is being purchased is great, considering the fact that Red Rocks spent $690 million in 2019 to renovate it. He also added that apart from the $650 million needed for the purchase, the tribe also set aside another $100 million in working capital for when the property opens its doors.
Vosloo went on to say that the brand can be strengthened and have its reach expanded by using its sports partnership philanthropy. That is why he labeled the Palms take over as the next phase of the diversification strategy and has the potential to be “a generational asset for the tribe.”
He also shared his thoughts on the future state of Las Vegas concerning gaming and tourism by saying that the city is bound for a massive comeback because it is the center for gaming in the US.
Over 1,200 Nevadans will be brought back to work. It is known that the tribe intends to improve the sportsbook technology and employee areas. At the moment, there are ongoing negotiations with an operator from Nevada to operate the sportsbook.
Currently, the Palms has 12 employees, but the number will rise to 1,200 in the upcoming period. Former employees will be reached out to and as many as wish to come back will be allowed to. Through job fairs and civic functions, the community will also be positively impacted by people recruited directly from the local job market.
After the license is obtained, the Palms will operate on upwards of 30,000 square feet of meeting and convention space. Speaking on the opening date, Murphy said that the plan is to open ASAP. The tribe expects that to be around the pool season, and the goal is to simultaneously open as many venues as possible.