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You’re driving down Flamingo Road, past the frantic neon of the Strip, and there it is—the towering neon "P" that basically defined 2000s Vegas cool. For a long time, the question of who owns the Palms was a bit of a revolving door. One year it was the Maloof family hosting Britney Spears and MTV's The Real World, the next it was a bunch of private equity guys, and then suddenly the Fertittas of Red Rock Resorts were tearing the place apart for a $600 million renovation.
It’s been a wild ride.
But right now? The answer is a historic one. In 2021, the San Manuel Band of Mission Indians officially closed a deal to buy the Palms Casino Resort from Red Rock Resorts (Station Casinos) for $650 million. They made history. This wasn't just another corporate swap. It marked the first time in Las Vegas history that a Native American tribe owned and operated a major casino resort off the Strip. They didn't just buy a building; they bought a legacy that almost collapsed under the weight of its own ambition.
The San Manuel Era Begins
Honestly, the $650 million price tag felt like a steal to some and a massive risk to others. Remember, Red Rock Resorts had dumped nearly a billion dollars into the place between the purchase price and those ultra-expensive renovations. We're talking about the "Empathy Suite" designed by Damien Hirst that cost $100,000 a night. It was peak "Old Vegas" excess trying to survive in a "New Vegas" world.
The San Manuel Band of Mission Indians operates through the San Manuel Gaming and Hospitality Authority (SMGHA). They aren't new to this. They’ve been running the Yaamava’ Resort & Casino in Southern California—formerly San Manuel Casino—for decades. They know how to handle high-volume gaming. But Vegas? Vegas is a different beast entirely. It’s competitive in a way that tribal gaming usually isn't because you're fighting for every single "local" and "tourist" dollar against giants like MGM and Caesars.
The tribe reopened the doors in April 2022. They didn't just want to keep the lights on; they had to prove that a tribal entity could handle the sophisticated hospitality demands of a non-tribal market. It's been a steep learning curve.
A History of Changing Hands
You can't really talk about who owns the Palms now without looking at the carnage that came before. George Maloof was the visionary. He opened it in 2001 and turned it into a celebrity magnet. If you were famous in 2005, you were at Rain nightclub or the Ghostbar. It was the "it" spot. But the 2008 recession hit Vegas like a freight train. The Maloofs eventually lost control, with TPG Capital and Leonard Green & Partners taking over the majority of the equity.
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Then came the Fertittas.
In 2016, Red Rock Resorts bought the Palms for $312.5 million. They had a plan. They wanted to make it the ultimate luxury destination for locals and wealthy tourists who were tired of the Strip. They spent more on the renovation than they did on the property itself. Then COVID-19 happened. The Palms stayed dark for two years. While other casinos were reopening and figuring out social distancing, the Palms sat empty, a giant blue elephant on the side of the road.
That’s when the San Manuel tribe stepped in. They saw an opportunity to diversify their portfolio away from California’s regulatory environment and plant a flag in the world's gambling capital.
Why the Ownership Change Matters for Vegas
Vegas is changing.
It's not just about the San Manuel tribe. The Seminole Tribe of Florida (which owns Hard Rock) bought the Mirage. The Mohegan Tribe manages the casino at Virgin Hotels Las Vegas. But the Palms is unique because the tribe owns the whole thing—the land, the towers, the casino, the art, all of it.
The San Manuel ownership represents a shift in how capital flows into Nevada. Tribal gaming is a multi-billion dollar industry that used to stay on the reservations. Now, that money is revitalizing iconic properties that the big corporate players are moving away from.
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When you walk into the Palms today, you still see the Damien Hirst shark behind the bar. You still see the massive art collection. But the vibe is different. The tribe has worked hard to bring back the "locals" feel while maintaining the luxury. They brought back the buffet—something most Strip casinos killed off because the margins were too thin. People in Vegas love that buffet. It’s a small detail, but it shows that the current owners are listening to the community rather than just chasing the highest possible room rate.
The Complexities of Tribal Ownership in Nevada
It’s not as simple as just writing a check. The San Manuel Gaming and Hospitality Authority had to go through grueling licensing processes with the Nevada Gaming Control Board.
There were questions about sovereignty. How does a sovereign tribal nation operate within the jurisdiction of the State of Nevada? Basically, the SMGHA agreed to waive certain aspects of sovereign immunity to comply with Nevada's strict regulatory framework. They play by the same rules as everyone else on the block.
Latisha Casas, the Chairperson of the SMGHA, has been very vocal about their long-term vision. They aren't looking for a quick flip. Unlike the private equity firms that owned it in the 2010s, the tribe thinks in terms of generations, not quarterly earnings reports. That’s a huge distinction for the employees. When the tribe took over, they held massive job fairs to bring back former staff, trying to rebuild the culture that had been gutted during the shuttered years.
What Most People Get Wrong About the Palms
People think the Palms is "on the Strip." It isn't. And that's its biggest challenge.
Being "off-Strip" means you have to give people a reason to drive across the bridge. The previous owners thought $100 million in contemporary art was the answer. The San Manuel tribe seems to think the answer is a mix of high-end luxury and accessible amenities. They kept the Pearl Theater, which is still one of the best concert venues in the city. They kept the high-limit rooms. But they also kept the movie theater.
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It’s a balancing act.
If you're wondering who owns the Palms today, you're looking at a group that is deeply committed to Southern California and Southern Nevada as a unified region. Most of the Palms' guests come from California. Since the tribe already has a massive database of gamblers from their California property, they can market directly to them. "Hey, you like playing at Yaamava’? Come stay with us in Vegas."
It’s a built-in pipeline that Red Rock Resorts never truly had.
The Future of the Property
The Palms is currently stable. That’s a big deal for a place that almost became a ghost town.
They are continuing to tweak the formula. You’ll see more partnerships with California brands and more events that cater to the "drive-in" market from Los Angeles. The ownership by the San Manuel Band of Mission Indians isn't just a fun fact; it's a structural change in how Vegas operates.
Will they buy more?
There’s always talk. But for now, their focus is on making the Palms profitable. They’ve managed to do what the previous two owners couldn't: give the property a clear identity that doesn't rely solely on 20-year-old nostalgia.
Next Steps for the Savvy Vegas Traveler
- Check the Rewards Program: If you have a Club Serrano card from Yaamava’ in California, check how your points transition to the Palms. They’ve been integrating their systems to reward loyal players across state lines.
- The Buffet Strategy: If you're going for the famous A.Y.C.E. Buffet, go on a weeknight. The lines for the lobster nights are legendary and, honestly, a bit exhausting.
- Art Tour: Even if you aren't staying there, walk through the lobby. The Hirst pieces and the street art collection are worth the five-minute detour from the Strip.
- Watch the Raiders Schedule: The Palms has become a massive hub for fans traveling in for games at Allegiant Stadium, which is just a short Uber ride away. Prices spike during home games, so plan your "cheap" stay accordingly.