Today it was revealed that the San Manuel Band of Mission Indians has come to terms to purchase the Palms Casino Resort in Las Vegas for $650 million.
The deal between the tribe and Red Rock Resorts Inc. is the largest-ever casino purchase by a Native American tribe, and it gives it a prominent site in Sin City. The resort has been open for 35 years and is currently undergoing a renovation that will see it have expanded areas for the hotel and casino portion.
The deal is subject to regulatory approval, but the tribe said that they expect that the deal to be completed sometime later this year.
Right now the tribe says that they're planning on keeping the Palms name but will shift their strategy to focus more on the older type of gambler that they court in California, rather than the younger crowd that the Palms currently attracts.
We're following this story and will be updating as more details on the purchase emerge.