Posts Tagged ‘George Maloof’

February 7, 2013

NV Regulators OK $1 Million Fine against Palms

Undercover drug and prostitution stings prompt new nightclub security measures

palms-towersThe Nevada Gaming Commission signed off Thursday on a $1 million fine against the Palms to settle compliant issued by the state’s Gaming Control Board resulting from an investigation that discovered rampant drug sales and prostitution at clubs on the property.

It’s the third-largest fine ever approved by the commission.

Under the deal, the Palms will also pay $78,000 to cover the cost of the control board’s investigation. The commission voted 4-0 to approve the fine, with Commissioner John Moran Jr. abstaining.

“We are very sorry to be appearing before you today,” George Maloof, minority owner of the Palms, told the commission. “We take these (charges) very seriously and have implemented many changes to prevent these issues from happening again.”

The violations contained in the 17-count complaint made public Jan. 11 were gathered during five undercover operations last year by board investigators and Las Vegas police.

More…


June 19, 2011

Did Caesars Just (Quietly) Buy the Palms?

Not exactly, but pretty much yes

The Palms Casino Resort, one of the last remaining “family run” operations on or off the Las Vegas Strip — and home to the gloriously raucous @Pokerati Game @PalmsPokerRm — will likely become part of the Caesars casino empire. The Maloof family, 80 percent owners of the Palms, sold off their majority interest this week to investors that include TPG Capital.

palms towers las vegas

Across the street from the Rio ... a true palace of low-stakes NLH/PLO.

Fort Worth-based TPG, of course, are majority owners of Caesars Entertainment, corporate overlords to the WSOP.

According to the Sacramento Bee, upon approval by Nevada Gaming regulators, the billionaire Maloof family will retain just 2 percent … with an option to rebuy up to 20.

Turns out talk of TPG owning the Palms wasn't referring to The Pokerati Game after all.

Untested but presumably reliable sources say the Palms will almost certainly end up in Caesars’ portfolio of casino properties, following an acquisition path similar to how things went for Planet Hollywood … and should become part of Caesars’ Total Rewards program by year-end. Over in Sacramento, the buzz is all about what the Maloof sale means for the Sacramento Kings, who apparently need both a new arena and a player bankroll.

I can’t begin to think I really understand the high finance and debt restructuring of Big Casinos … so before I try to explain, you should probably peruse the past six months or so of SEC filings for CZR. There really is a rather fascinating story in the agate here.

Posted by at 5:05 am