Red Rock Resorts buys Palms Casino Resort

Red Rock Resorts buys Palms Casino ResortThe rising tide of consumer spending created by an improving economy has Boyd Gaming and Red Rock Resorts reaching to tighten their respective grips on the Las Vegas locals market.

Both companies have recently made significant moves in that direction, Red Rock – the former Station Casinos – agreeing Tuesday to pay $312.5 million for the Palms.

It’s a deal that is expected to close in the next several months as it gives Red Rock a major property whose operators have already demonstrated an ability to reach locals and visitors alike.

The Palms deal comes  a couple weeks after Boyd Gaming agreed to buy the two Cannery Resorts and the Aliante Hotel and Casino in North Las Vegas.

The Palms was built and opened by the Maloof family in 2001 and immediately became a hangout for visiting celebrities many of whom were followers of MTV’s Real World show, which filmed one of its most popular seasons it one of the top floor suites that was designed as a home base for the show.

The 710-room Palms is about a mile west of The Las Vegas Strip on Flamingo. It is being sold by Leonard Preen Partners and TPG Capital, who had acquired the debt in the hopes of eventually finding a payoff like this week’s deal.

The Palms will fit nicely into the game plan that has been refined over time by Station Casinos. It includes popular nightclubs and award-winning restaurants as well as a 14-screen movie theatre complex.

Phil Hevener has been writing about the Nevada gaming business for more than 30 years. Email: .

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