Highland, Calif. (May 4, 2021) – The San Manuel Band of Mission Indians (“San Manuel” or the “Tribe”) and the San Manuel Gaming and Hospitality Authority (“SMGHA”) immediately introduced a definitive settlement for a subsidiary of SMGHA to amass the Palms Casino Resort (the “Palms”) in Las Vegas, Nevada from Red Rock Resorts, Inc.
The transaction is anticipated to shut later in 2021, topic to the receipt of regulatory approvals and different customary closing situations.
After 35 years of working San Manuel Casino in Highland, CA, this announcement displays a milestone for San Manuel.
“Today represents an vital step for the Tribe and its long-term financial diversification technique,” mentioned San Manuel Chairman Ken Ramirez. “On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.”
For years, the Tribe has demonstrated an curiosity in and supported the Las Vegas neighborhood via contributions to non-profits and Las Vegas establishments together with UNLV’s William F. Harrah College of Hospitality and William S. Boyd School of Law, the Public Education Foundation and Shade Tree Shelter, plus partnerships with the Las Vegas Raiders and Allegiant Stadium, and the Vegas Golden Knights.
“The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts. Our Board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy,” mentioned SMGHA Chairwoman Latisha Casas. “We are excited to move forward with this transaction.”
Jefferies LLC is performing as San Manuel’s monetary advisor. Latham & Watkins LLP and Greenberg Traurig, LLP are performing because the Tribe’s authorized counsel.
The Palms, which has been closed for over a 12 months, is positioned simply west of I-15 close to the Las Vegas Strip, and features a on line casino, roughly 700 resort rooms and suites, a number of informal and upscale eating choices, assembly and conference house, a 2,500-seat theater, pool and spa, different facilities and Palms Place condominiums.
San Manuel is a top-10 non-public employer in San Bernardino County in Southern California with greater than 4,900 workforce members. The Tribe presently has a significant enlargement venture underway at San Manuel Casino that includes 432 visitor rooms, expanded high-limit gaming, new eating facilities and a particular occasions house. This enlargement will add greater than 2,000 new jobs by the top of 2021.
About the San Manuel Band of Mission Indians
The San Manuel Band of Serrano Mission Indians is a federally acknowledged American Indian tribe positioned close to town of Highland, Calif. The Serrano Indians are the indigenous individuals of the San Bernardino highlands, passes, valleys and mountains who share a typical language and tradition. The San Manuel reservation was established in 1891 and acknowledged as a sovereign nation with the appropriate of self-government. As an indigenous neighborhood the origins and historical past of the San Manuel Band of Mission Indians stem from our relationship with the land and to all who share it. Since historic occasions we have now expressed ourselves via a tradition of giving. Today, San Manuel is ready to reply the decision of Yawa’ (Serrano phrase that means “to act on one’s beliefs”) via partnerships with charitable organizations. We have drawn upon our historical past, data, experience and cultural values to direct our philanthropic giving in our native area, in addition to to Native American causes nationwide. For extra info, go to http://www.sanmanuel-nsn.gov.