Station Casinos has agreed to sell the Palms Casino Resort in Las Vegas to the San Manuel Band of Mission Indians for $650 million in cash.

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Red Rock Resorts, the parent company of Station Casinos, and the Tribe both announced the sale agreement Tuesday.

The deal is subject to regulatory approvals and other conditions. San Manuel said in a press release it expects the sale to close later this year.

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'Today represents an important step for the Tribe and its long-term economic diversification strategy,' San Manuel Chairman Ken Ramirez said in a statement. 'On behalf of the Tribe, we are thankful for the opportunity to join a community that we have come to know and appreciate.'

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The Tribe currently owns and operates the San Manuel Casino in Highland, California, east of San Bernardino. Vital Vegas was the first to report the sale agreement.

Palms, located on Flamingo Road just west of the Strip, has remained closed since Nevada's COVID-prompted gaming shutdown in March last year.

Even after casinos were cleared to reopen in June, Station Casinos has opted to keep the Palms dark, along with three other locals-focused properties.

Red Rock Resorts CEO Frank Fertitta denied rumors of a possible sale of the Palms last May.

The hotel has about 700 rooms and suites, and the resort includes a 2,500-seat theater and the Palms Place condominiums.

Palms has undergone several highs and lows since it opened nearly 20 years ago. The resort, originally developed by the Maloof family, went through financial trouble before Station Casinos agreed to purchase it in 2016.

A 'grand re-opening' in April 2019 marked the completion of $690 million in renovations, but the immediate results were inconsistent.

KAOS, the Palms' dayclub and nightclub, closed its doors in November that year, despite touting headlining musical artists like Cardi B and Skrillex.

An executive at the time said Palms' gaming and non-gaming business were growing, but 'the expense side of the business has been challenging to date, due in large part to the entertainment and fixed cost structure associated with KAOS.'

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Nevada's gaming shutdown came just four months later.

During an earnings call Tuesday, executives for Red Rock Resorts said the company wasn't thinking about selling Palms before the pandemic hit, but the closures 'allowed us to reassess everything.'

They said San Manuel presented a great opportunity, and the sale lets the company keep its operations and balance sheet simple.

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San Manuel did not detail any exact plans for the casino resort.

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'The Palms is a well-designed property which has been beautifully redeveloped and maintained by Red Rock Resorts,' said Latisha Casas, chairwoman of the San Manuel Gaming and Hospitality Authority. 'Our Board believes that the Palms is a casino resort that many of San Manuel Casino’s loyal guests would enjoy.'