Unveiling the Ownership of The Palms Hotel and Casino: A Deep Dive
Who Holds the Keys to The Palms?
Owned by a consortium of investors, The Palms Hotel and Casino in Las Vegas has seen multiple hands at its helm. Initially developed by the Maloof family, the property changed ownership in 2016 when sold to TPG Capital, Leonard Green & Partners, and Red Rock Resorts.
Acquired for $315 million, the sale marked a new era for the iconic venue. Today, Red Rock Resorts, a subsidiary of Station Casinos, stands as the primary owner, overseeing its operations and future expansions.
The Palms: A Timeline of Ownership Shifts
Opened in 2001, The Palms quickly became a hotspot for celebrities and high rollers. However, financial struggles led to its sale. Below, a brief history of its ownership:
| Year | Owner | Key Developments |
|---|---|---|
| 2001-2016 | Maloof Family | Original developers; faced financial difficulties |
| 2016-2020 | TPG Capital, Leonard Green, Red Rock Resorts | Sold for $315 million; major renovations began |
| 2020-Present | Red Rock Resorts (Station Casinos) | Full ownership; ongoing upgrades and rebranding |
Why Did Red Rock Resorts Acquire The Palms?
Strategically located near the Las Vegas Strip, The Palms presented an opportunity for Red Rock Resorts to expand its portfolio. With plans for a full-scale renovation, the company aimed to revitalize the property and attract a broader audience.
Under Red Rock’s leadership, The Palms has undergone significant transformations, including the addition of new dining options, entertainment venues, and luxury accommodations.
What’s Next for The Palms?
With Red Rock Resorts at the helm, The Palms is poised for continued growth. Future plans include further expansions, partnerships with high-profile brands, and a focus on enhancing the guest experience.
Expected to remain a key player in Las Vegas’ hospitality scene, The Palms continues to evolve under its new ownership.
FAQs: Everything You Need to Know About The Palms
- Who currently owns The Palms Hotel and Casino? Red Rock Resorts, a subsidiary of Station Casinos, holds full ownership.
- When was The Palms sold to its current owners? The sale was finalized in 2016, with Red Rock Resorts taking full control in 2020.
- What changes have occurred under Red Rock’s ownership? Major renovations, new dining options, and expanded entertainment offerings have been introduced.
- Is The Palms still a popular destination? Absolutely—it remains a top choice for both tourists and locals, thanks to its vibrant atmosphere and luxury amenities.
- Are there plans for further expansion? Yes, Red Rock Resorts has outlined future upgrades, including new partnerships and guest experience enhancements.