Current Ownership Status of the Palms Casino Resort
The Maloof family no longer owns the Palms Casino Resort. The property was sold in 2016 to Station Casinos and affiliates led by Red Rock Resorts, Inc., with Station Casinos holding a controlling stake. The Maloofs, led by former owner George Maloof, exited the ownership group after the acquisition closed. This transaction ended their direct operational control over the Las Vegas Strip property. The property is now operated under Station Casinos' portfolio. For details on Station Casinos' structure, see Forbes on Station Casinos.
George Maloof, the patriarch of the family, remains a private investor with no reported active role in the Palms' management. The Maloof name is not part of the current corporate entity or branding of the resort. The property continues to operate as a major Strip destination under Station Casinos' ownership. Red Rock Resorts, Inc., the parent company of Station Casinos, manages the strategic direction of the property. The Maloofs' involvement in Las Vegas gaming is now limited to other private ventures and investments.
History of the Maloof Family and the Palms
Acquisition and Development of the Palms
The Maloof family acquired the property that became the Palms Casino Resort in 2000. They developed and opened the resort in 2001, positioning it as a boutique hotel and casino on the Las Vegas Strip. The property was notable for its late-night entertainment focus and celebrity ownership, including a stake by Paris Hilton. The Maloofs invested heavily in the property's expansion and branding during their tenure. The resort became a key part of the Maloof Companies' portfolio, which also included the Sacramento Kings and other business interests.
Sale and Transition of Ownership
The Maloofs announced the sale of the Palms in 2015, citing a strategic shift in their investment portfolio. The sale was completed in 2016 to Station Casinos and a group of investors for approximately $1.13 billion. The transaction was approved by regulatory bodies and marked a significant exit from the Las Vegas gaming market for the Maloof family. The new owners undertook a major renovation and rebranding effort to modernize the resort. The property has since operated under Station Casinos' management without Maloof family involvement.
Financial and Corporate Context of the Transaction
The sale of the Palms was part of a broader restructuring of the Maloof Companies' assets. The Maloofs had previously attempted to sell the Sacramento Kings, which was completed in 2013 to a group led by Vivek Ranadivé. The Palms sale reflected a move to focus on private equity and other investments outside of casino and sports ownership. Station Casinos, the acquirer, is a major gaming and hospitality company with a portfolio of properties in the Las Vegas Valley. The transaction was structured as an asset purchase, with the Maloofs receiving a significant payout and exiting their ownership stake entirely.
Red Rock Resorts, Inc., the public parent company of Station Casinos, has since managed the Palms as part of its core portfolio. The property's financial performance has been tracked as part of Station Casinos' overall revenue and occupancy metrics. The Maloof family's departure from the property is well-documented in public filings and press releases. The current ownership structure is transparent and aligned with Station Casinos' corporate strategy. For official corporate information, see