Station casino buys palms12/8/2023 ![]() "At times the local market is slower, you can do more with the out-of-town market, and Palms is really great at that. He adds the locals-oriented casino operator currently has properties like Palace Station, Red Rock and Green Valley that also serve both tourists and locals. The Palms has now become more of a hybrid property, which Schwartz says is a strategic benefit. "When the Palms opened in 2001, it was built by George Maloof, and he'd gotten his experience at the Santa Fe, which was a locals property, and he really made it a hybrid property where it was built towards locals and tourists," said Schwartz. Schwartz also notes, the Palms had catered towards locals in the past. He says buying existing properties is one way to do that. ![]() He says since Station Casinos recently went public again as Red Rock Resorts, public companies have an obligation to expand and increase their earnings. ![]() The buy narrows down the dominant players in the Las Vegas locals gaming market to Station Casinos and Boyd Gaming, which also made multiple other acquisition announcements recently.ĭavid Schwartz, the Director of UNLV's Center for Gaming Research, says he's not surprised by the announcement. The definitive agreement with the Palms Casino Resort will go for a total considered sale of $312.5 million. ![]() LAS VEGAS (KSNV News3LV) - Station Casinos parent company, Red Rock Resorts, announced Tuesday it will buy the Palms Casino Resort. ![]()
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