Palms deal continues growth of Native American ownership of Nevada casinos
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Palms Casino Resort in Las Vegas will be owned by Native Americans. The deal is expected to be completed towards the end of the year. San Manuel Band of Mission Indians and the San. Manuel Gaming and Hospitality Authority have agreed that a subsidiary of SMGHA will acquire a venue from Red Rock Resorts, Inc.
The tribe bought the Red Rock venue for $ 650 million. The tribe has been donating to the Las Vegas community for years. The purchase price is well below the total investment in the venue of about $ 1 billion. San Manuel chairman Ken Ramirez said the deal is an important step towards the tribe's long-term economic diversification strategy.
Palms deal continues growth of Native American ownership of Nevada casinos. The Seminoles of Florida are interested in buying hard rock brand rights for the Las Vegas market in 2020. Native Americans account for about half of all US gambling revenue. Las Vegas is working hard to attract more visitors to the area in response to increased gambling revenues.
Nevada casinos generated more than $1 billion in April. Las Vegas Strip brought $ 483.4 million and slot machines earned $ 793.7 million. Strong spring earnings indicate healthy summer earnings. The number of visitors to Las Las Vegas is lower than in 2019.
Palms deal continues growth of Native American ownership of Nevada casinos. Usher is the first new Las Vegas settlement announced in 2021. Sting has been booked for a show at Caesars Palace Colosseum starting in July. David Lee Roth has secured a Las Las at the House of Blues at Mandalay Bay Resort and Casino. Barry Manilow, Sher, Scorpions and ZZ Top are other top music acts that will bring people back to Las Nevada in the coming months. Cirque du Soleil show is another attraction that is expected to increase the number of visitors in second half of 2021 and bring the city back into the limelight.
