Who's the Boss? Unveiling the Ownership of Palms Casino Resort in Las Vegas

Las Vegas, a city known for its dazzling lights, towering casinos, and star-studded entertainment, welcomes yet another iconic landmark: Palms Casino Resort. This lavish property has been turning heads since its inception, and now, it's time to unveil the minds behind this impressive venture.

Ownership Unraveled: A History of Ownership

The Palms Casino Resort has had a rollercoaster ride of ownership changes, each chapter adding its own unique flavor to the resort's legacy.

Born in the '90s: The Fertitta Era

In 1996, the Palms was conceived by Frank Fertitta III and Lorenzo Fertitta. The brothers, known for their entrepreneurial ventures, brought their vision to life with a $120 million investment. Under their leadership, the Palms quickly rose to prominence, attracting high-rollers and celebrities alike with its opulent amenities and cutting-edge entertainment.

A New Millennium, A New Owner: The Cantor Era

In 2001, the Fertittas sold the Palms to Cantor Gaming, led by Lee Cantor. Cantor Gaming, a Las Vegas gaming heavyweight, saw the potential in the Palms and embarked on a multi-million dollar renovation to enhance its appeal. Under Cantor's ownership, the Palms expanded its gaming offerings, added new restaurants and bars, and hosted high-profile events, solidifying its place as a Vegas institution.

The Global Gypsies: A New Age of Ownership

In 2016, Fore Property Company, led by Brad Schaeffer, acquired the Palms from Cantor Gaming for a whopping $312.5 million. Fore Property, a real estate investment firm, had a grand vision for the Palms, aiming to transform it into a global destination.

In 2019, a consortium of investors, known as Red Rock Resorts, acquired the Palms from Fore Property Company for $650 million. Red Rock Resorts, owned by Station Casinos, is one of the largest casino operators in the United States. The acquisition marked a significant milestone for the Palms, as it joined a family of iconic Las Vegas properties, including Red Rock Resort, Green Valley Ranch, and Santa Fe Station.

The Palms Casino Resort Today: A Thriving Destination

Under Red Rock Resorts' ownership, the Palms Casino Resort has undergone extensive renovations and upgrades to elevate its offerings. The resort now boasts:

• Over 700 luxurious guest rooms and suites
• A wide array of gaming options, including slots, table games, and a sportsbook
• A diverse selection of dining venues, from casual eateries to fine dining experiences
• Multiple bars and lounges, each with its own unique ambiance
• A rooftop pool deck with stunning views of the Las Vegas Strip
• A world-class entertainment lineup, featuring headline performers and cutting-edge productions

The Palms Casino Resort has solidified its position as a top-tier destination in Las Vegas, catering to the desires of both leisure and business travelers alike.

The Numbers Game: Unveiling Financial Data

The Palms Casino Resort has consistently performed well financially, contributing to its success as a coveted property.

• Revenue: In 2019, the Palms generated $178.2 million in revenue, a 4.2% increase from 2018, according to the Nevada Gaming Control Board.
• Gaming Revenue: Gaming revenue accounted for 77% of the resort's total revenue, with slots and table games being the major contributors.
• Occupancy Rate: The Palms maintained a strong occupancy rate, averaging 85% throughout the year.
• Average Daily Room Rate: The average daily room rate was $115, representing a 2.5% increase from the previous year.

These figures highlight the strong performance of the Palms Casino Resort and its ability to generate substantial revenue while maintaining high guest satisfaction.

Exploring the Palms Casino Resort: A Guided Tour

Gaming:

• The Palms Casino Resort offers an extensive gaming floor with over 1,600 slot machines and 50 table games, including blackjack, roulette, craps, and baccarat.
• The resort also features a sportsbook, allowing guests to wager on their favorite sporting events.
• The Palms is renowned for its high-stakes poker room, which attracts some of the world's top poker players.

Dining:

• The Palms offers a diverse culinary experience with a wide range of dining options.
• Guests can indulge in casual American fare at Mabel's BBQ, enjoy modern Japanese cuisine at Send Noodles, or savor Italian delicacies at VetriCucina.
• Speciality cocktails and craft beers are served at Monkey Bar and Camden Cocktail Lounge.

Accommodations:

• The Palms Casino Resort offers over 700 guest rooms and suites, each designed with comfort and luxury in mind.
• Standard rooms feature plush bedding, spacious bathrooms, and modern amenities.
• Suites offer additional space and amenities, including separate living rooms, dining areas, and multiple bedrooms.

Entertainment:

• The Palms hosts a variety of live entertainment in its Pearl Concert Theater and Lounge.
• Guests can enjoy performances by top musical acts, comedians, and special events.
• The resort's rooftop pool deck, Ghostbar, is a popular spot for day and nighttime parties, offering panoramic views of the Las Vegas Strip.

The Palms Casino Resort: A Storied Past, A Bright Future

The Palms Casino Resort has come a long way since its humble beginnings in the 1990s. Through multiple ownership changes and strategic investments, the resort has evolved into a premier destination in Las Vegas. With Red Rock Resorts at the helm, the Palms Casino Resort is poised to continue its reign as a top-tier gaming, entertainment, and hospitality destination.

3 Stories of Intrigue: Inside the Palms Casino Resort

The Palms Casino Resort has witnessed its fair share of intrigue over the years, adding to its enigmatic allure. Here are three captivating stories that shed light on the resort's colorful history:

1. The Billion-Dollar Bug: In 2006, software engineer Ron Harris discovered a glitch in the Palms' electronic slot machines that allowed him to win $1.1 million. The Palms initially refused to pay, but Harris sued and eventually settled for an undisclosed amount.

2. The Ghost of the Palms: Legend has it that the ghost of a former showgirl haunts the resort's hallways. Employees and guests have reported hearing strange noises and seeing mysterious apparitions, adding to the Palms' eerie mystique.

3. The Playboy Connection: In the early 2000s, the Palms partnered with Playboy Enterprises to create the Playboy Club Las Vegas, an exclusive nightclub within the resort. The club featured scantily clad Playboy Bunnies and was a popular spot for celebrities and high-rollers.

Frequently Asked Questions: Unraveling the Mystery

Q1: Who currently owns the Palms Casino Resort?
A1: Red Rock Resorts, owned by Station Casinos, is the current owner of the Palms Casino Resort.

Q2: What is the Palms Casino Resort known for?
A2: The Palms Casino Resort is renowned for its high-stakes poker room, luxurious accommodations, diverse dining options, and headline entertainment.

Q3: How many guest rooms are there at the Palms Casino Resort?
A3: The Palms Casino Resort offers over 700 guest rooms and suites.

Q4: What is the average daily room rate at the Palms Casino Resort?
A4: The average daily room rate at the Palms Casino Resort is $115.

Q5: What is the occupancy rate of the Palms Casino Resort?
A5: The average occupancy rate at the Palms Casino Resort is 85%.

Q6: Does the Palms Casino Resort have a pool?
A6: Yes, the Palms Casino Resort features a rooftop pool deck called Ghostbar, offering stunning views of the Las Vegas Strip.

Q7: What are some of the dining options at the Palms Casino Resort?
A7: The Palms offers a diverse range of dining options, including Mabel's BBQ, Send Noodles, and VetriCucina.

Q8: What is the Pearl Concert Theater known for?
A8: The Pearl Concert Theater at the Palms Casino Resort hosts a variety of live entertainment, including performances by top musical acts, comedians, and special events.

Call to Action: Experience the Palms Casino Resort Today

Plan your next getaway or business trip at the Palms Casino Resort and immerse yourself in a world of luxury, entertainment, and endless possibilities. From thrilling gaming to exceptional dining and unforgettable entertainment, the Palms has something for every traveler. Book your stay today and discover why it is one of the most sought-after destinations in Las Vegas.

Unveiling the Ownership of Las Vegas' Iconic Palms Casino Resort

Introduction

The Palms Casino Resort is a prominent entertainment destination in the vibrant heart of Las Vegas, Nevada, known for its luxurious accommodations, thrilling gaming options, and spectacular live performances. This article delves into the intriguing ownership history of this iconic resort, exploring the individuals and organizations that have shaped its legacy over the years.

A Legacy of Ownership

The Palms Casino Resort has witnessed a succession of ownership transfers since its inception. Originally developed by entrepreneur George Maloof Sr. in 1998, the resort was initially known as the Palms Hotel and Casino.

Maloof Era (1998-2007)

Under the stewardship of the Maloof family, the Palms quickly established itself as a trendy and upscale destination. It became a favorite among celebrities, athletes, and high-rollers, known for its lavish parties and exclusive amenities.

Harrah's Entertainment Era (2007-2011)

In 2007, the Maloof family sold the Palms to Harrah's Entertainment for $1.3 billion. Harrah's, now known as Caesars Entertainment, invested heavily in renovations and upgrades, further enhancing the resort's reputation as a luxury destination.

Transnational Gaming Group Era (2011-2016)

In 2011, Caesars sold the Palms to Transnational Gaming Group (TGG) for $312.5 million. TGG, a private investment firm, focused on repositioning the resort to cater to a more value-conscious clientele.

Station Casinos Era (2016-Present)

In 2016, Station Casinos, a Las Vegas-based gaming and entertainment company, acquired the Palms from TGG for $312 million. Station Casinos has invested significantly in the resort's amenities and services, restoring its status as a premier entertainment destination.

Current Ownership: Station Casinos

Since the acquisition in 2016, Station Casinos has held full ownership of the Palms Casino Resort. The company has made substantial investments to revitalize the property, including:

• Renovating guest rooms and suites
• Upgrading the casino floor with new slot machines and table games
• Expanding the pool deck and cabana areas
• Adding new dining options and entertainment venues

Richard Haskins, President and CEO of Station Casinos, has stated, "We are committed to making the Palms the most exciting and memorable destination in Las Vegas."

Financial Performance

The Palms Casino Resort has experienced fluctuations in its financial performance over the years. According to the Nevada Gaming Control Board, the resort generated:

The resort was impacted by the COVID-19 pandemic in 2020, resulting in a decline in revenue. However, it has since recovered and is expected to continue growing in the future.

Ownership Figures

George Maloof Sr. (1998-2007)
Harrah's Entertainment (2007-2011)
Transnational Gaming Group (2011-2016)
Station Casinos (2016-Present)

Impact on Las Vegas

The Palms Casino Resort has had a significant impact on the Las Vegas tourism industry:

• Employment: The resort employs over 2,000 people, providing a major source of jobs in the local economy.
• Tax Revenue: The Palms generates substantial tax revenue for the City of Las Vegas and Clark County.
• Entertainment: The resort is a major entertainment destination, hosting world-class concerts, shows, and events.
• Reputation: The Palms' reputation as a luxury destination has contributed to Las Vegas' overall image as a premier entertainment hub.

Tips and Tricks for Visiting the Palms

• Book in Advance: Especially during peak season, it's advisable to book your room and entertainment tickets in advance to secure the best rates and availability.
• Check for Promotions: The Palms Casino Resort frequently offers promotions on room rates, dining, and entertainment. Check their website or sign up for their newsletter to stay updated.
• Explore the Amenities: Take advantage of the resort's numerous amenities, including the pool, fitness center, spa, and shopping venues.
• Dress Code: The Palms Casino Resort has a dress code that varies depending on the area and time of day. Be sure to check the website or ask a staff member for details.
• Enjoy the Atmosphere: The Palms is known for its vibrant atmosphere. Embark on a stroll through the casino floor, enjoy a cocktail at the bar, or dance the night away at the nightclub.

Conclusion

The Palms Casino Resort has a rich and dynamic history of ownership that has shaped its identity as an iconic Las Vegas destination. From its inception under the entrepreneurial spirit of the Maloof family to its current ownership by Station Casinos, the Palms has consistently evolved to meet the demands of a discerning clientele. With its luxurious amenities, thrilling gaming options, and spectacular entertainment, the Palms Casino Resort remains a vibrant and unforgettable experience in the heart of Las Vegas.