In May of 2018, the Palms Casino in Las Vegas was sold to Station Casinos LLC for $312.5 million.
The casino, which was originally built in 2001, had been owned by the Maloof family since 2004. The sale came as a surprise to many, as the Palms had recently undergone a $690 million renovation and was thought to be doing well financially.
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So who bought the Palms Casino? Station Casinos is a gaming company that owns and operates several casinos in the Las Vegas area, including the Red Rock Resort and the Green Valley Ranch Resort. The company is owned by brothers Frank and Lorenzo Fertitta, who also happen to be the majority owners of the UFC.
PRO TIP:The Palms Casino in Las Vegas, NV was recently purchased by the Maloof family. The family is well-known for its involvement in various business ventures, including owning the Sacramento Kings and creating the popular energy drink, Boomtown. With their new acquisition, the Maloofs are expected to bring a new level of excitement to the city’s casino scene.
While Station Casinos is certainly a large and successful company, it’s unclear why they would want to buy the Palms Casino. One possibility is that they see it as a potential growth opportunity; after all, the Palms does have a prime location on the Las Vegas Strip.
Additionally, with the recent renovation, the property is likely to increase in value over time.
Of course, only time will tell whether or not Station Casinos made a wise investment in buying the Palms Casino. For now, however, it seems like a solid bet that they’ll be able to turn it into a profitable venture.
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