Red Rock had purchased the property five years ago for $312.5 million.

The transaction is expected to close within 90 days, provided all approvals are received. The closures fueled a lot of speculation about the casino operator’s future and the fate of the four properties, but Vital Vegas asserted this week that Red Rock has completed the sale of the Palms.

The Palms was joined by the Fiesta Henderson, Fiesta Rancho, Palms and Texas Station as the four Stations Casino properties to remain closed at the end of June last year when all other casinos in Las Vegas were scrambling to reopen. Red Rock is letting the resort go to the San Manuel Band of Mission Indians for less than what it had invested in the property. That was a definite sign that trouble was ahead and now, with the casino having sat empty and locked for a year, the Palms Casino Resort is being sold in what could be considered a fire sale. However, Red Rock Resorts, the parent company of Station Casinos, kept four properties closed. When Las Vegas started crawling back to life last summer, it would have been expected that casino operators would want all of their venues operational to make up for lost time.

The palms casino station careers