The parent company of Station Casinos announced this week that it has reached an agreement to procure the Palms, located just off the Las Vegas Strip, for $312.5 million in cash.

Red Rock Resorts said that it's gaining “a leading gaming asset” with the Palms.

Marc Falcone, Executive VP, CFO and Treasurer of Red Rock Resorts, said in a statement:

“With its entice both Las Vegas residents and tourists alike, the Palms is a hybrid gaming property that may be uniquely positioned to learn from the strong economic trends in Southern Nevada and record visitation levels in Las Vegas. With our experience owning and operating other hybrid offerings in Las Vegas, this can be a compelling strategic addition to our portfolio of properties and we glance forward to welcoming the Palms’ team members to our Company.”

The Palms was owned by TPG Capital and Leonard Green & Partners LP.

The Palms has 95,000 square feet of gaming floor space, equipped with 1,250 slots and 48 table games. It once had a poker room, but decided to near it in 2014.

Station Casinos was the corporate behind Ultimate Poker in Nevada and New Jersey, however the group decided to near the location down because of lackluster traffic.

The Palms transaction is anticipated to near in the course of the third quarter of 2016.

Read More... [Source: CardPlayer Poker News]