The Nevada Gaming Control Board has given approval for two acquisition deals involving local Las Vegas properties. One is the acquisition of the Palms Casino Resort by Red Rock Resorts and the second is the purchase of the Aliante Hotel by Boyd Gaming. The acquisition proposals will now be placed before the Nevada Gaming Commission and a final decision is expected to be made before the end of September.
Station Casinos which owns the Red Rocks Resorts had announced in May that it was buying the Palms resort for $312.5 million. Located just off the Las Vegas Strip, the casino is seen as a hybrid gaming property that attracts both locals and tourists. The Palms Casino Resort has a 95,000-square- foot gaming floor, a hotel with 700 rooms and 600 condominium units, as well as several entertainment and dining facilities.
The group’s Chief Financial Officer Marc Falcone informed regulators that a vast majority of the existing 1,700 employees from the Palms would be retained after the acquisition. Station Casino management also announced that third-party vendors handling food and beverage services for the Palms would be retained with benefits as well. The Palms proposal was passed by the board swiftly. The discussion on the deal was attended by 25 members of the Culinary Union, which recently won the right to represent employees from the Boulder.
Station casino in Vegas. Workers of Palm currently do not have union representation. Station officials did not reveal any redevelopment plans for the property. Falcone told the regulators that the property was purchased at 53 percent of the original project cost because its cash flows were below 60 percent of its highest level.
Boyd Gaming announced its decision to purchase the 211-room Aliante hotel located in North Las Vegas for $280 million in April. The company’s chairman, Bill Boyd told regulators that the Aliante acquisition along with the acquisition of two other properties in the area would help Boyd Gaming build its presence in the Northern market.
Boyd officials said that they did not have any plans of now to renovate Aliante property as the facilities were in good shape. CEO Keith Smith said that the primary focus was preparing the casino complex for the expected surge in population in Northern Las Vegas as a result of the recent construction boom which will result in over 20,000 new homes being built in the area. Boyd is currently in the process of upgrading rooms and restaurant across all its casino locations and is spending about $100 million in the process.
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