Las Vegas Sees An Influx Of Tribal Casino Operators

2021 has been an exciting year in the gambling universe. Lost within the whirlwind of sports betting news was a very interesting development in tribal gaming, as no less than three tribal gaming operators have broken into the Las Vegas casino market.

Gaming tribes have operated commercial gaming properties in several states for years, but Las Vegas has always been just out of reach… Until now.

Mohegan Gaming and Entertainment was the first tribe to plant a flag in the Las Vegas market when it took over the casino-side of former off-Strip Hard Rock Hotel property in April. The Mohegan Sun Casino is located inside the newly minted Virgin Hotel Las Vegas.

Tribes have made an even bigger splash in Sin City since. Tribal operators have purchased two well-known Las Vegas properties, Palms and Mirage.

San Manuel Band of Mission Indians Take Over Palms Casino

This week, the Nevada Gaming Commission approved the purchase of Palms Casino Resort, shifting ownership of the currently shuttered property from Red Rock Resorts to the San Manuel Tribe.

“We believe Las Vegas is the gaming mecca of the United States and is poised for a rebound as we have seen over the last six months, and we’re very excited about being a part of this rebound,” San Manuel CEO Laurens Vosloo said. “The Palms represents the next phase of San Manuel’s long-term diversification strategy and has the potential to be a generational asset for the tribe.”

The property received a massive $700 million makeover by Red Rock before the pandemic and the property’s closure in March. As such, the San Manuel Tribe believes the $650 million purchase price is well below the current market value – a good comparison might be Ocean Casino in Atlantic City.

The San Manuel Tribe operates one of California’s most successful tribal casinos (which makes it one of the most successful casinos anywhere) and recently completed a rebranding and expansion project that turned the property into the largest casino on the West Coast.

San Manuel Casino changed its name to Yaamava’ Resort & Casino at San Manuel in September and celebrated its grand opening earlier this month.

Seminole Tribe Coming to the Las Vegas Strip

The Seminole Hard Rock Tribe will become the first tribal operator on the Las Vegas Strip when its recently announced purchase of the iconic Mirage is finalized.

The Seminole tribe paid a reported MGM Resorts $1.1 billion for the property. That price tag will only go up as it has already announced plans to add its signature guitar-shaped hotel to the property. That said, it’s on the Las Vegas Strip, and it’s The Mirage.

The Mirage is credited as reshaping Las Vegas and ushering in the era of the Resort Casino. Steve Wynn’s vision came to life in 1989 and turned the Las Vegas casino model on its head, as it was the first casino to generate more revenue from amenities than gambling. That model has been copied and improved over the years, leaving The Mirage in the rearview mirror. However, the property has a terrific location and, with an infusion from the Seminole Tribe, could quickly regain its status as a top-tier Strip casino.  

“This transaction is a significant milestone for MGM Resorts and for Las Vegas,” Bill Hornbuckle, CEO & President, MGM Resorts International, said in the press release. “As part of the team that opened The Mirage in 1989, I know firsthand how special it is and what a great opportunity it presents to the Hard Rock team. I want to thank all of our Mirage employees who have consistently delivered world-class gaming and entertainment experiences to our guests for more than three decades.”