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SAN MANUEL GAMING AND HOSPITALITY AUTHORITY TO ACQUIRE THE PALMS CASINO RESORT IN LAS VEGAS

Highland, Calif. (Could 4, 2021)The San Manuel Band of Mission Indians (“San Manuel” or the “Tribe”) and the San Manuel Gaming and Hospitality Authority (“SMGHA”) right this moment introduced a definitive settlement for a subsidiary of SMGHA to accumulate the Palms On line casino Resort (the “Palms”) in Las Vegas, Nevada from Crimson Rock Resorts, Inc.

The transaction is anticipated to shut later in 2021, topic to the receipt of regulatory approvals and different customary closing circumstances.  

After 35 years of working San Manuel On line casino in Highland, CA, this announcement displays a milestone for San Manuel. 

SAN MANUEL GAMING AND HOSPITALITY AUTHORITY TO ACQUIRE THE PALMS CASINO RESORT IN LAS VEGAS

“At present 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’re grateful for the chance to hitch a neighborhood that we now have come to know and recognize.”

For years, the Tribe has demonstrated an curiosity in and supported the Las Vegas neighborhood by way of contributions to non-profits and Las Vegas establishments together with UNLV’s William F. Harrah Faculty of Hospitality and William S. Boyd College of Regulation, the Public Schooling Basis 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 superbly redeveloped and maintained by Crimson Rock Resorts. Our Board believes that the Palms is a on line casino resort that a lot of San Manuel On line casino’s loyal friends would get pleasure from,” mentioned SMGHA Chairwoman Latisha Casas. “We’re excited to maneuver ahead with this transaction.”  

Jefferies LLC is appearing as San Manuel’s monetary advisor.  Latham & Watkins LLP and Greenberg Traurig, LLP are appearing because the Tribe’s authorized counsel.

SAN MANUEL GAMING AND HOSPITALITY AUTHORITY TO ACQUIRE THE PALMS CASINO RESORT IN LAS VEGAS

The Palms, which has been closed for over a 12 months, is situated simply west of I-15 close to the Las Vegas Strip, and features a on line casino, roughly 700 lodge rooms and suites, a number of informal and upscale eating choices, assembly and conference area, 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 serious growth venture underway at San Manuel On line casino that includes 432 visitor rooms, expanded high-limit gaming, new eating facilities and a particular occasions area. This growth will add greater than 2,000 new jobs by the tip of 2021.   

In regards to the San Manuel Band of Mission Indians

The San Manuel Band of Serrano Mission Indians is a federally acknowledged American Indian tribe situated 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 precise 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 historical instances we now have expressed ourselves by way of a tradition of giving. At present, San Manuel is ready to reply the decision of Yawa’ (Serrano phrase which means “to behave on one’s beliefs”) by way of partnerships with charitable organizations. Now 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 data, go to http://www.sanmanuel-nsn.gov.

 

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