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](\"http://old.pokerati.com/wp-content/uploads/palms-towers.jpg\" "\\"palms-towers\\"")
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.
![\"\"](\"http://upload.wikimedia.org/wikipedia/en/0/0f/TPG_Capital_Logo.png\" "\\"TPGCapital\\""){kind=logo}
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.