LAS VEGAS (AP) — Station Casinos parent company Red Rock Resorts Inc. has agreed to buy the off-Strip Palms resort for $312.5 million.
The deal anticipated to close by the end of the third quarter is contingent upon state and federal regulatory approval.
TPG Capital and Leonard Green & Partners LP are selling their 49 percent stakes in the Palms.
The two investment bankers became majority owners in 2011 amid the Palms' efforts to restructure millions in debt.
George Maloof's family opened the casino in 2001. His stake in the Palms dropped to about 2 percent with the investors' involvement in 2011.
Red Rock Resorts Inc. expects that in the first year of ownership the resort will bring in $35 million.
The Palms features 95,000 square feet of casino and about 710 hotel rooms.