It’s official–The Palms Casino and Resort in Las Vegas is no longer owned by the Maloofs, as of last month. Now, they own just two percent of the property, with the possibility of gaining back up to 20 percent in the future. TPG Capital and Leonard Green & Partners assume ownership at 49 percent apiece. The Maloofs spent half a billion dollars building the casino from scratch, and were $380 million in debt for the Palms, with a $69 million line of credit with the city of Sacramento for their operations of the NBA’s Sacramento Kings.
TPG Capital is the parent company of Caesar’s Entertainment, where you can get rates low as $99 a night, so it is likely that the Palms will be converted to Caesar’s Total Rewards program within the next year (use your comps up now before re-branding begins!). We wish the Maloofs and the Palms the best of luck.