Current Ownership Status of the Palms Casino Hotel
The Maloof family no longer owns the Palms Casino Hotel in Las Vegas. The property was sold in 2016 to Station Casinos and a group of investors led by Red Rock Resorts. The Maloofs retained a minority stake at the time of the sale, but their controlling interest ended with that transaction. Today, the Palms operates under Station Casinos management, with the Maloof name largely removed from the ownership structure. The property has undergone major renovations since the change in control. For the latest corporate structure, see the Station Casinos parent company overview on Forbes.
Public filings and gaming commission records confirm that the Maloof family is not the primary owner of the Palms as of the most recent available data. The property's operating license and majority ownership rest with entities tied to Station Casinos and its parent company. The Maloof brothers, George and Gavin Maloof, were the original developers who opened the Palms in 2001. They built the resort as a boutique casino targeting a younger demographic on the Las Vegas Strip. The property later expanded with additional towers and amenities under their ownership. The shift in ownership marked a significant change in the resort's direction and branding.
History of the Maloofs and the Palms Casino
The Palms Casino Hotel was conceived by the Maloof family as a unique entertainment destination on the Las Vegas Strip. George and Gavin Maloof, owners of the Sacramento Kings at the time, invested heavily in the project. The resort opened in November 2001 with a focus on nightlife, celebrity appearances, and a more intimate atmosphere compared to larger Strip casinos. The Maloofs used their business network and sports connections to attract high-profile guests and events. The property quickly gained a reputation as a hub for music, boxing, and entertainment. This era established the Palms as a distinct brand in the Las Vegas hospitality market.
Financial challenges and changing market conditions led the Maloofs to seek a buyer for the Palms in the mid-2010s. The sale to Station Casinos and Red Rock Resorts was completed in 2016 for a reported price of $1.4 billion. The transaction included the assumption of debt and the integration of the Palms into the Station Casinos portfolio. The Maloof family received a significant payout, and the resort began a multi-phase renovation under new management. The sale ended the Maloof family's direct ownership of the property. The deal is documented in business news coverage and regulatory filings available on the SEC website.
Key Facts and Figures About the Palms Ownership
The Palms Casino Hotel is located at 4321 W Flamingo Rd, Las Vegas, NV 89103. The property features over 700 rooms and suites, multiple restaurants, and a large concert venue. After the 2016 sale, Station Casinos invested in a major renovation that included a new hotel tower and updated gaming areas. The resort is currently operated by Station Casinos, which is one of the largest gaming companies in Nevada. The Maloof family's involvement in the property is now a historical fact rather than a current ownership reality. The property's current market value and operational metrics are managed by Station Casinos corporate leadership.
Gaming regulators in Nevada maintain public records of ownership and licensing for the Palms Casino Hotel. The current license holder and operating entity are tied to the Station Casinos corporate structure. The Maloof family's legacy at the property is recognized in historical accounts of Las Vegas casino development. The resort's transformation from a Maloof-owned boutique hotel to a major Station Casinos property reflects broader trends in the gaming industry. For detailed corporate information, the Station Casinos official website provides current property details and corporate news.