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Terms of the deal were not disclosed. Cantor Gaming's sports book at the Palms, which state regulators approved in January, is scheduled to open May 3, in time for bets on the Kentucky Derby.
"Our decision to relocate the poker room to the new race and sports book was a natural one given the synergies that exist between poker players and sports bettors," Joseph Magliarditi, president of the Palms said.
Magliarditi said he was confident a new poker room would be a "spectacular addition" and offer poker players an ultimate experience.
The poker room is off a corridor leading to restrooms adjacent to the old sports book. There will be eight-poker tables in the new facility, officials said.
"The look (of the poker room) will be integrated into the look of the new book," Magliarditi said in an email Wednesday.
Also under construction is a new bar adjacent to the sports book called Tonic.
Magliarditi described Tonic as a "rich combination of wood and stone that is very warm and inviting to both men and women, complemented with great technology, with a staff focused on great cocktails and new draft beer offerings."
Cantor Gaming is installing its mobile wagering technology in the resort, including hotel rooms.
Until construction is complete, bettors looking to place a wager on the Champions League semifinals starting on April 18, can do so at a sports book kiosk set up between the entrance to the Fantasy Tower and the Mint High Limit Lounge.
The sports book kiosk will remain in place even after the new sports book is opened.
"Volume (at the kiosk) has been much more than anticipated," Magliarditi said.
The new sports book "will resemble some of Cantor's recent books, but will not have the red carrels" that are a well-known fixture throughout Cantor Gaming's other books in Las Vegas, he said.
Cantor Gaming's newest sports book at The Venetian opened in November. The 10,000-square-foot space includes a 100-foot-long, high-definition 4-millimeter black video screen, surround sound marble flooring and 188 carrels.
The video display let the book show every NCAA Tournament game or offer bettors every Major League Baseball game from opening day.
Lee Amaitis, president and CEO of Cantor Gaming, is confident about his company's ability to operate both a sports book and poker room.
"There is a natural overlap between sports bettors and poker plays and by situating poker within the sports book we can offer customers maximum entertainment and convenience," Amaitis said in a statement.
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