The Palms will be sold to Station Casinos, which is operated by Red Rock Resorts.
On May 10, Red Rock Resorts, Inc. announced that it will acquire Willkie client FP Holdings L.P. (doing business as Palms Casino Resort) for total cash consideration of $312.5 million. Red Rock manages and owns a significant indirect equity interest in Station Casinos, a leading provider of gaming and entertainment to residents of Las Vegas.
Located directly across I-15 from the core of the Las Vegas Strip, Palms features a 95,000-square-foot casino, approximately 710 hotel rooms, 599 condos, 15 fine dining and casual restaurants, 60,000 square feet of meeting and convention space, and more.
The deal was handled by partners Mark Cognetti, Manuel Miranda, Jordan Messinger and Christopher Peters; counsel Peter Allman; and associates Andrew Prodromos, Dunia Rkein, Jennifer Schanes, Natalie Whitaker, Isabel Araujo and Kapiljeet Dargan.