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 San Manuel Band of Mission Indians to Pay $650 Million
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.
Latisha Casas, the San Manuel Gaming and Hospitality Authority chairwoman, greeted the achievement and labeled it as humbling, monumental, and historic. She also added that the tribe is not a corporation and that it has a long-term focus on its tribal members’ future. Considering the fact that everyone is aware that Las Vegas is and will be the top gambling center in North America, the tribe is honored to have the chance to join the community and contribute to its legacy.
J Brin Gibson, the chairman of the board, also expressed his happiness by saying that he’s extremely excited to see the tribe, which operates a San Bernardino casino, performing in Vegas, the gambling capital of the US.
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.
Kiser Murphey Looks Forward to Bring the Palms Back to Las Vegas
Kieser Murphey sees the Palms as a property with unique charm, and its great views will definitely be taken as an advantage. Moreover, it will restore its energy, sports teams will be celebrated, great dining opportunities will be reinstated, and the pool complex will be activated in a spectacular way for the guests and the community.
She also added that it is the responsibility of the tribe to make sure that Las Vegas people are aware of its presence. That is something that the tribe is looking to achieve with its history and values. Murphey commented on the renovation process that the Palms underwent in 2019 by saying that the attention to detail is amazing and that the rooms, restaurants, and suites are beautiful, and the gaming floor is vibrant.
Even though she provided little information if additional renovation work is needed, she did say that 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. As Murphy emphasizes, there’s a lot more work left to do in terms of ordering chips, cards, linens, etc.
Currently, the Palms has 12 employees, but the number will rise to 1,200 in the upcoming period. Murphey stated that 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.