Inside Gaming: Red Rock Resorts Purchases Palms, Complaint Against CG Technology Filed

This week’s installment of Inside Gaming reports on another big acquisition in Las Vegas, this one involving the Palms Casino Resort, a complaint being filed against a sportsbook operator for various violations, and another casino deal falling through in South Africa.

Red Rock Resorts Purchases the Palms for $312.5 million

Red Rock Resorts Inc. has announced that a subsidiary of its Station Casinos LLC has finalized a deal to acquire the Palms Casino Resort located off the strip in Las Vegas, reports VEGASINC. Red Rock Resorts is the new corporate name of Station Casinos, the appellation taken on for the company’s initial public offering in late April.

“With the acquisition of the Palms we gain a leading gaming asset in Las Vegas with key strategic benefits in the Las Vegas locals market and close proximity to the Las Vegas strip,” said Marc Falcone, chief financial officer of Red Rock Resorts.

While the deal still requires approval from regulators as well as the expiration of a waiting period mandated by federal trust law, the transaction is expected to be finalized by late summer. Red Rock has stated it expects to generate $35 million in earnings (prior to taxes, interest, depreciation, and amortization) during its first year owning the Palms.

The Palms, a much-frequented spot during the World Series of Poker thanks to its close proximity to the Rio All-Suite Hotel and Casino, has been open since 2001.

The move comes within a month of Boyd Gaming’s agreement to purchase the Aliante Casino and Hotel (originally owned by Station Casinos). Boyd is also moving to purchase Cannery Casino Resorts in an effort to expand its presence in north Las Vegas.

Read more about another casino operator expanding its presence in Sin City at VEGASINC.

Complaint Alleges Vegas Sportsbook Operator Underpaid Winners Among Other Violations

Sports …

continue reading in source www.pokernews.com