Red Rock Resorts, Inc. has announced that their sister company Station Casinos has entered into a definitive agreement to acquire the Palms Casino Resort in Las Vegas for total cash consideration of $312.5 million.
Marc Falcone, executive vice president, chief financial officer and treasurer of Red Rock Resorts, speaking with Fairfax Media made the announcement
“With the acquisition of the Palms we gain a leading gaming asset in Las Vegas with key strategic benefits in the Las Vegas locals market and close proximity to the Las Vegas Strip,”
“We are very proud of our team members for their hard work, dedication and commitment to guest service and the community,” said Palms Chief Executive Officer Todd Greenberg. “We are extremely excited for all the great opportunities our team members will have with Red Rock Resorts and Station Casinos.”
FreeOnlinePokies.Weebly have learned The Palms will probably be business as usual for the next six months. But after that, it could be a whole new era for the hotel and casino.
New ownership could mean a lot of new changes.
Don't think that this means the new owners will be resting on the laurels - or rather the palm fronds of the previous management team....
"They would look to target not only the local consumers but also tourists," said Applied Analysis Principal Brian Gordon.
Gordon coughed the acquisition up to the fact the current owners are looking to get out and it's time for a changing of the guard. He says it is a good thing.
"It's demonstrating that people believe in Las Vegas and they're continuing to make investments in Las Vegas," he said.
Locals are hoping the new owners, Station Casinos, will give the high-end resort a more local feel.
"That's pretty cool," said one local who was visiting The Palms movie theater Tuesday night. "I mean, my grandmother worked for Station Casinos for a long time so I think they're a good company. I think it's going to attract more locals and we're probably going to profit off of it."
Gordon says attracting more locals will most definitely happen. But their proximity to the Strip will help them target tourists too.
"They're only about less than a mile off the Las Vegas Strip so they'll be looking to capture some of that activity we see on Las Vegas Boulevard as well," he said.
It seem the buyout was a positive move for Station Casinos - with the parent company Red Rock Group reporting a 4.8 percent revenue rise - learn more here
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