May
15
Red Rock Resorts Bets on Palms Casino Resort in Las Vegas
ByRed Rock Resorts subsidiary Station Casinos LLC has reached a definitive agreement to acquire the upscale resort.
Palms Casino Resort, Las Vegas
Las Vegas—Calling it a “hybrid gaming property” that attracts both tourists and locals in Las Vegas, Red Rock Resorts Inc., the parent company of Station Casinos LLC, is betting on the Palms Casino Resort with a $312.5 million cash deal.
Red Rock Resorts, which recently completed a $531.4 million IPO, said its subsidiary Station Casinos had reached a definitive agreement to acquire the Palms from private equity firms TPG Capital and Leonard Green & Partners. The investment firms each owned 49 percent stakes along with the 2 percent owned by George Maloof, who opened the casino resort in November 2001. The firms became majority owners in 2011 amid efforts by the Palms ownership to restructure millions in debt…
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