A Comprehensive Guide to the Ownership History of the Palms Casino

The Palms Casino, a renowned destination on the Las Vegas Strip, has witnessed several ownership transitions throughout its history. Understanding these changes is crucial for gaining a comprehensive insight into the casino's evolution and the impact it has had on the gaming industry.

Early Ownership: The Mob Era

The Palms Casino's roots trace back to the 1960s when it was known as the "Desert Inn West" owned by a Las Vegas mobster, Anthony Spilotro. Spilotro, a high-ranking figure in the Chicago Outfit, oversaw the casino's operations during this period.

Ownership Transition: Merv Griffin's Acquisition

In 1977, famed entertainer and TV show creator, Merv Griffin, acquired the Desert Inn West. Under his ownership, the casino underwent a series of renovations and expanded its operations, including the introduction of a luxury hotel tower and a variety of entertainment venues. Griffin's leadership marked a significant turning point for the casino, moving away from its mob-associated past towards a more mainstream and reputable image.

Further Transitions: Purchase by George Maloof

In 1983, casino owner and businessman, George Maloof, purchased the Palms Casino from Merv Griffin. Maloof, known for his success in real estate and other business ventures, aimed to capitalize on the casino's prime location and enhance its profile further.

The Golden Age: Ownership by Frank Fertitta III

A pivotal moment in the Palms Casino's history occurred in 1995 when Frank Fertitta III, founder and CEO of Station Casinos, acquired the property. Fertitta embarked on an ambitious expansion and renovation project, transforming the casino into a state-of-the-art gaming destination. During his ownership, the Palms received numerous accolades, including the Casino Journal's "Casino of the Year" award in 2007.

Recent Ownership Changes: Red Rock Resorts and Cantor Gaming

In 2017, Red Rock Resorts, a Las Vegas-based casino operator, purchased the Palms Casino from Frank Fertitta III. The company's acquisition plan aimed to revitalize the property and integrate it into its portfolio of gaming venues in the region.

In 2019, Cantor Gaming, a global leader in financial services and gaming, acquired a 50% stake in the Palms Casino. This partnership signaled a strategic alliance to enhance the casino's operations and expand its reach within the gaming industry.

Current Ownership: San Manuel Gaming and Development Authority

In 2021, the San Manuel Gaming and Development Authority, an enterprise owned by the San Manuel Band of Mission Indians, acquired the Palms Casino. The purchase marked a significant step for the San Manuel tribe, expanding their portfolio into the Las Vegas Strip.

Ownership Timeline

Impact on the Las Vegas Gaming Industry

Throughout its ownership transitions, the Palms Casino has played a significant role in shaping the Las Vegas gaming industry:

• Diversification of Gaming Options: The Palms Casino has consistently introduced innovative gaming offerings, such as its unique "Ghostbar" and luxury suites with private gambling areas, catering to a wide range of player preferences.

• Elevation of Entertainment Standards: Under the ownership of Merv Griffin and Frank Fertitta III, the Palms Casino became renowned for its high-profile entertainment events, hosting concerts, sporting events, and celebrity appearances.

• Contribution to Economic Growth: The Palms Casino has been a major employer in Las Vegas, creating thousands of jobs in various sectors, including gaming, hospitality, and entertainment.

• Promotion of Tourism: The Palms Casino's reputation for luxury, entertainment, and innovation has attracted visitors from around the globe, contributing to Las Vegas' status as a leading tourist destination.

Conclusion

The ownership history of the Palms Casino reflects the dynamic nature of the Las Vegas gaming industry. From its humble beginnings as a mob-owned establishment to its current status as a major gaming and entertainment destination owned by a Native American tribe, the Palms Casino has witnessed significant transformations while maintaining its relevance and appeal. Its diverse ownership has shaped the casino's evolution, ensuring its position as one of the most iconic landmarks on the Las Vegas Strip.

Tables

Table 1: Ownership Timeline of the Palms Casino

Table 2: Expansion and Renovations under Different Owners

Table 3: Awards and Recognition Received by the Palms Casino

A Comprehensive Guide to the Ownership History of the Palms Casino

Introduction

The Palms Casino Resort is a renowned entertainment and gaming destination located in Las Vegas, Nevada. Its ownership history has been marked by several notable transitions, each of which has shaped the casino's identity and contributed to its legendary status.

Early Ownership (1998-2001)

The Palms was initially developed and owned by George Maloof, a prominent businessman and owner of the Sacramento Kings basketball team. Maloof invested heavily in the casino's construction, which cost more than $250 million and included cutting-edge amenities and a sophisticated design.

Harrah's Entertainment (2001-2011)

In 2001, Maloof sold the Palms to Harrah's Entertainment for $300 million. Harrah's was a major gambling corporation that owned and operated numerous casinos throughout the United States. Under Harrah's ownership, the Palms underwent a series of renovations and expansions, including the addition of a 42-story hotel tower and a 95,000-square-foot pool complex.

Fremont Street Investments (2011-2016)

In 2011, Harrah's sold the Palms to Fremont Street Investments (FSI), a private equity firm specializing in gaming and entertainment properties. FSI acquired the casino for $442 million and embarked on an ambitious revitalization plan. They renovated the guest rooms, added new dining options, and invested in enhanced gaming technology.

Lorenzo Fertitta and Tilman Fertitta (2016-2021)

In 2016, Lorenzo Fertitta and his brother Tilman Fertitta, former owners of the UFC, purchased the Palms from FSI for $360 million. The Fertittas are renowned entrepreneurs and investors, and their ownership marked a new chapter in the casino's history. They invested heavily in upgrades and renovations, including a new sportsbook, a redesigned casino floor, and a renovated pool area.

San Manuel Gaming and Development Authority (2021-Present)

In 2021, the San Manuel Gaming and Development Authority (SMGDA), a tribal gaming organization in California, acquired the Palms from the Fertittas for $650 million. SMGDA is committed to preserving the legacy of the Palms while also infusing it with their own unique cultural perspective. The organization has been investing in renovations and enhancements, including the addition of new restaurants, bars, and entertainment venues.

Key Figures and Statistics

• Construction Cost: $250 million (1998)
• Purchase Price by Harrah's: $300 million (2001)
• Purchase Price by Fremont Street Investments: $442 million (2011)
• Purchase Price by Lorenzo and Tilman Fertitta: $360 million (2016)
• Purchase Price by San Manuel Gaming and Development Authority: $650 million (2021)

Table 1: Ownership Timeline

Table 2: Ownership Details

Table 3: Ownership Impacts

Benefits of Knowing the Ownership History

Understanding the ownership history of the Palms Casino Resort provides several benefits:

• Historical Context: It allows for a deeper appreciation of the casino's evolution and the contributions of each owner.
• Investment Insight: It helps investors identify trends and make informed decisions about potential investments in the gaming industry.
• Customer Appreciation: It fosters a sense of connection and loyalty among customers who appreciate the casino's unique history and legacy.

Why Ownership Matters

The ownership of a casino directly influences its operations, amenities, and overall ambiance. Each owner brings their own vision and strategic direction, which shapes the guest experience and the casino's position within the competitive gaming market.

Tips for Uncovering Casino Ownership Information

• Securities and Exchange Commission (SEC) Filings: For publicly traded casinos, ownership information can be found in SEC filings.
• Corporate Websites: Casino corporate websites often provide information about the company's ownership structure.
• Media Reports: Industry publications and news articles may cover changes in casino ownership and provide insights into the motivations behind these transactions.

How to Approach Casino Ownership Changes

When a casino changes ownership, it is important to approach the transition thoughtfully:

• Stay Informed: Monitor news and industry reports to keep up-to-date on ownership changes.
• Assess Impacts: Consider the potential impacts of the new ownership on the casino's amenities, services, and customer experiences.
• Evaluate Options: If necessary, explore alternative entertainment options or consider visiting other casinos with similar offerings.

Conclusion

The ownership history of the Palms Casino Resort is a testament to the evolving nature of the gaming industry and the impact of ownership on the guest experience. By understanding the key players, their motivations, and the transitions that have taken place, we gain a deeper appreciation for the casino's legacy and its continued relevance in the entertainment landscape.