By CBSLA Staff

HIGHLAND (CBSLA) — The San Manuel Band Of Mission Indians has acquired the Palms Casino Resort in Las Vegas, the tribe announced Tuesday.

(credit: San Manuel Band Of Mission Indians)

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The deal with Red Rock Resorts, Inc. is expected to close later this year for $650 million, which will make the San Manuel Band Of Mission Indians the first tribe to own and operate a property on the Las Vegas strip.

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The Palms has approximately 700 hotel rooms and suites, several casual and upscale dining options, meeting and convention space, and 2,500-seat theater, pool and spa and Palms Place condominiums, but has been closed for just over a year, according to the tribe, which has operated the San Manuel Casino in Highland for 35 years. The acquisition is the another step in San Manuel’s investment in Las Vegas, following partnerships with the Las Vegas Raiders, Allegiant Stadium and the Vegas Golden Knights.

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San Manuel Chairman Ken Ramirez says the purchase is an important step for the tribe and its long-term economic diversification strategy.