The sale of the Palms Casino Resort to Red Rock Resorts is complete, Station Casinos, the parent company, announced Monday morning.

The Palms was acquired for $312.5 million and brings the number of properties owned by Station Casinos to 20 in the Las Vegas valley.

“We are excited to welcome the talented members of the Palms team to the Station Casinos family. The Palms outstanding location, premium amenities and highly recognizable brand will allow us to provide a new level of excitement for local and visiting guests to Las Vegas,” said Marc Falcone, Executive Vice President, Chief Financial Officer and Treasurer of Red Rock Resorts.

The Palms was opened in 2001 by the Maloof family and is known for some of its unusual hotel suites. One of the suites includes a basketball court.