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 the resort will bring in $35 million in the first year of ownership.

The company released a statement Tuesday on the acquisition.

“With the acquisition of the Palms, we gain a leading gaming asset in Las Vegas with key strategic benefits in the Las Vegas locals market and close proximity to the Las Vegas Strip,” said Marc Falcone, Red Rock Resorts’ executive vice president, chief financial officer and treasurer.

The Palms houses 95,000 square feet of casino space, about 710 hotel rooms and a sports book, among other features.

“We are very proud of our team members for their hard work, dedication and commitment to guest service and the community,” Palms President and CEO Todd Greenberg said in a statement. “We are extremely excited for all the great opportunities our team members will have with Red Rock Resorts and Station Casinos.”

Vegas Inc. reported that the Culinary Union is attempting to organize Palms workers, and has clashed with its prospective new owner Station Casinos before.

“The workers at the Palms have made it clear that they want a fair process to choose whether to unionize,” the union’s secretary-treasurer Arguello-Kline told Vegas Inc. “We will continue to work with the Palms employees until they achieve their goal.”

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

Photo Credit: The Palms Las Vegas has been purchased by Station Casinos' parent company, Red Rock Resorts. Palms Las Vegas