Palms Casino Resort

Palms Casino Resort

Palms Casino Resort in 2007
Location Las Vegas, Nevada, U.S.
Address 4321 Flamingo Road
Opening date November 15, 2001 (2001-11-15)
Theme Modern
No. of rooms 703
Total gaming space 94,840 sq ft (8,811 m2)
Notable restaurants Alizé

N9NE Steakhouse
NOVE Italiano
Casino type Land-based
Owner Station Casinos
Architect Jon Jerde
Renovated in 2005: Fantasy Tower
2008: Palms Place Tower
Coordinates 36°6′52″N 115°11′42″W / 36.11444°N 115.19500°W / 36.11444; -115.19500Coordinates: 36°6′52″N 115°11′42″W / 36.11444°N 115.19500°W / 36.11444; -115.19500
Website palms.com

Palms Casino Resort is a hotel and casino located near the Las Vegas Strip in Paradise, Nevada. It has 703 rooms and suites and contains 94,840 sq ft (8,811 m2) casino, recording studio, Michelin-starred restaurant and 2,500-seat concert theater.[1]

Although it is located off the Strip, the resort has become a popular destination for many, especially younger people, Hollywood actors and celebrities. The Palms competes for market share with Hard Rock Hotel & Casino, another off-strip resort aimed toward the 21–39 demographic. Both resorts are styled in a modern, neo-retro fashion.

The Fantasy Tower is also home to several nightlife venues including Moon Nightclub and Rain Nightclub. The tower holds what are known as the Sky Villas and Fantasy Suites, which are some of the most expensive hotel suites in the world. The Two Story Sky Villa on the top floor, billed at US$40,000 per night, is listed at number 5 on the World's 15 Most Expensive Hotel Suites compiled by CNN Go in March 2012.[2] The Sky Villas have played host to numerous celebrities.

History

The Palms project was first developed by the Maloof family in July 1999,[3] during the Fiesta hotel-casino expansion. The casino resort broke ground in July 2000. The project was officially announced by George Maloof on October 24, 2000. Construction was completed on September 26, 2001.[4]

The Palms opened on November 15, 2001, to a massive crowd of people. Multiple celebrities attended the grand opening, such as Dennis Rodman, Pamela Anderson, Paris Hilton and Samuel L. Jackson.

In 2002, it was the resort where participants of MTV's The Real World: Las Vegas stayed. The level they rebuilt to accommodate MTV is now the "Real World Suite" billed at $10,000 per night.[5][6][6][7]

On October 27, 2005, the second tower, named the "Fantasy Tower", opened at a cost of $600 million. In keeping with George Maloof's basketball interest (the Maloofs were majority owners of the NBA's Sacramento Kings), the Fantasy Tower includes a two-story, 10,000 sq ft (930 m2) suite that includes the only basketball court in a hotel suite. The suite includes a locker room, scoreboard, and multi-screen entertainment system. Some of the other fantasy rooms include the G suite, the Barbie suite and the King Pin suite.

The Palms hit financial trouble in 2010, when it started missing loan payments.[8] Under an agreement reached with creditors TPG Capital and Leonard Green & Partners, they each received a 49% stake in the property in November 2011, in exchange for erasing about $400 million in debt.[8][9] The Maloof family retains a 2% share, with options to buy back up to 20%, and George Maloof continues to manage the property.[9]

In May 2016, Station Casinos agreed to purchase the Palms for $313 million.[10][11]

Acts

Events

Nightclubs and lounges

Pearl Concert Theater

The Pearl Concert Theater is a three-level concert venue located within the Palms Resort. Depending on the configuration the venue can seat between 1,000 and 2,500 people.[12]

Performances

Studio at the Palms

The Palms includes a recording studio that has been used by many artists including, but not limited to – Jay Z, Olivia Newton-John, Céline Dion, Beyoncé, Madonna, Lady Gaga, Ellie Goulding, Katy Perry, Carlos Santana, T-Pain, Imagine Dragons, Panic! at the Disco, The Killers, Dr. Dre, Eminem, 50 Cent, Maroon 5, Joe Bonamassa and Wayne Newton.

Palms Place

Palms Place tower in 2008

Maloof announced a third tower called Palms Place, a residential high-rise built on the west end of the Palms property. The design architect was Jerde Partnership Construction and this third and final tower has been completed. Residents were allowed to move in on February 29, 2008. On May 31, 2008, the grand opening night took place that marked the latest addition to the Palms, as Palms Place is a multimillion-dollar, 58-story hotel, condominium, and spa tower that provides 599 suites.[13] In June 2014, Phil Maloof listed his top floor penthouse at Palms Place for USD$38 million, making the residence one of the most expensive apartments in Las Vegas.[14]

Notes

  1. "Listing of Financial Statements Square Footage". Nevada Gaming Control Board. Retrieved September 9, 2016.
  2. Arnold, Helen (March 25, 2012). "World's 15 most expensive hotel suites". CNN. Retrieved April 11, 2012.
  3. Smith, Hubble (July 5, 1999). "Builder under pressure on Fiesta project". Las Vegas Review-Journal. Archived from the original on March 21, 2005. Retrieved November 21, 2012.
  4. Simpson, Jeff (September 27, 2001). "Gaming License: Palms gets final approval". Las Vegas Review-Journal. Archived from the original on January 29, 2006. Retrieved November 21, 2012.
  5. Dehnart, Andy (September 11, 2002). "Las Vegas house cost the Palms $2 million; Ikea-free space matches hotel.". Reality Blurred. Retrieved September 8, 2010.
  6. 1 2 "The Real Truth behind MTV's The Real World - Las Vegas". Real World Houses. Retrieved September 8, 2010.
  7. Dehnart, Andy (April 27, 2008). "Fate of 'Real World' houses varies after filming". NBC News. Retrieved September 8, 2010.
  8. 1 2 Sieroty, Chris (November 18, 2011). "Nevada Gaming Commission approves new Palms owners". Casino City Times. Retrieved March 8, 2012.
  9. 1 2 Garcia, Oskar (June 21, 2011). "George Maloof: Little change in operations as family ownership hits 2 percent". Vegas Inc. Retrieved March 8, 2012.
  10. Morris, J.D. (May 10, 2016). "Palms sold to Station Casinos for $312.5 million". Vegas Inc. Retrieved May 10, 2016.
  11. "Red Rock Resorts announces agreement to acquire Palms Casino Resort" (Press release). Red Rock Resorts. May 10, 2016. Archived from the original on June 25, 2016. Retrieved May 10, 2016 via EDGAR.
  12. "The Pearl". VEGAS.com. Retrieved March 16, 2010.
  13. "Palms Casino Resort". Las Vegas Weekly. Retrieved October 19, 2009.
  14. Segall, Eli (June 27, 2014). "Palms Place Penthouse listed for $38 million". Vegas Inc. Retrieved August 7, 2014.
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