Shake-Up in Vegas Locals Market

Sun, Sep 18, 2016

Las Vegas’ Palms (l.) and Aliante casinos are getting new owners after Nevada regulators approved deals to sell the properties. The Palms is going to Red Rock Resorts (formerly Station Casinos) for $312 million. Boyd Gaming is snapping up Aliante for $380 million.

The Nevada Gaming Control Board has unanimously recommended approval of a couple of major alterations in the landscape of the Las Vegas locals market, with both the Palms Casino Hotel and Aliante Casino and Hotel changing hands.

Red Rock Resorts, parent company of Station Casinos, is spending $312.5 million to purchase the 700-room Palms and its 600 condominiums. That’s around half its original development cost. The transaction is being financed by TPG Capital and Leonard Green & Partners, who each have a 49 percent stake.

Boyd Gaming is buying the 211-room Aliante, originally built by Station Casinos, in North Las Vegas for $380 million and reportedly is looking for other neighborhoods to expand its footprint in Vegas’ residential gaming market.

Boyd controls 21 casinos in seven states.

The Nevada Gaming Commission was expected to sign off on both transactions this week.

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