The Palms Casino Resort is a luxurious hotel and casino complex located in Las Vegas, Nevada. Since its grand opening in 2001, the Palms has become a popular destination for tourists and locals alike, offering high-end accommodations, fine dining, and top-notch entertainment. However, many people wonder: who owns the Palms Casino?
Some speculate that the Palms is owned by a famous celebrity or a wealthy businessman, while others believe that it is part of a larger gaming corporation. In this article, we will reveal the true owner of the Palms and provide some background information on the casino's history and development.
So, if you are curious to know who is behind the Palms Casino Resort, keep reading and discover the secrets behind one of Las Vegas's most iconic places.
A Brief History of the Palms Casino
The Palms Casino Resort is a luxurious hotel and casino located in Las Vegas, Nevada. It opened on November 15, 2001, after being developed by George Maloof. This resort was built at a cost of $265 million, and it has a total gaming space of 95,000 square feet.
The Palms Casino has been known to attract many celebrities and high rollers, and it has also been featured in many movies and TV shows. It has a total of three towers that offer different room types and suites, each with its unique facilities. The most notable of these towers is the Fantasy Tower, which has the famous Fantasy Suites rooms.
Over the years, the Palms Casino has undergone several renovations and expansions, with the most recent being in 2018. This $620 million renovation saw the addition of a new tower called the Ivory Tower. The resort now boasts a total of 1,200 rooms, numerous restaurants, and a variety of entertainment facilities LeoVegas,
The Palms Casino has changed ownership several times since its construction. In 2016, it was sold to Station Casinos, a subsidiary of Red Rock Resorts, for a total of $313 million. This acquisition also included the Palms Place condominiums, which have 599 units.
The Palms Casino Resort is a popular destination for tourists and locals who want to experience the Las Vegas nightlife. With its luxurious amenities, celebrity guests, and on-site entertainment options, the Palms Casino Resort is an iconic Las Vegas destination.
The Recent Sale of the Palms Casino
The Palms Casino, a popular resort and entertainment destination located in Las Vegas, recently underwent a major ownership change. In September 2016, the Maloof family, who had owned the Palms since its opening in 2001, sold the property for an undisclosed amount to Red Rock Resorts, Inc., a company formed by Station Casinos' founders Frank Fertitta III and Lorenzo Fertitta.
The sale marked the end of an era for the Maloof family, who had been involved in the Las Vegas casino industry for decades. Their ownership of the Palms was marked by significant expansion and renovation projects, as well as the development of numerous high-end restaurants and nightlife venues.
Red Rock Resorts, Inc. wasted no time in making changes to the Palms following the acquisition. In May 2018, the company announced a $620 million renovation project, which included updates to guest rooms, restaurants, and entertainment areas. The project also featured the addition of a new VIP lounge and pool club, as well as the renovation of the Pearl Theater.
The sale and subsequent renovation project have been met with mixed reactions from fans of the Palms. Some have expressed disappointment at the loss of the Maloof family's influence, while others have praised Red Rock Resorts, Inc. for investing in the property and bringing new life to the famous resort and casino.
Red Rock Resorts, Inc.
Red Rock Resorts, Inc. is a publicly traded company that owns and operates several casinos and resorts in Las Vegas and other locations. The company was founded in 1976 and has grown to become one of the leading casino operators in the United States.
Red Rock Resorts, Inc. is the parent company of Station Casinos, which owns the Palms Casino Resort. The Palms is a luxurious casino and resort that features a variety of amenities, including restaurants, bars, a spa, and a nightclub. The Palms has been a popular destination for celebrities and high rollers since it opened in 2001.
Red Rock Resorts, Inc. has a strong reputation in the gaming industry for its commitment to customer service and providing a high-quality entertainment experience. The company is also committed to responsible gaming practices and has implemented a number of initiatives to promote safe and responsible gambling.
Overall, Red Rock Resorts, Inc. is a respected and well-known company in the gaming industry. Its ownership of the Palms Casino Resort is just one of the many successful properties in its portfolio, and the company is always looking for new opportunities to expand and grow.
The Fertitta Brothers
Frank and Lorenzo Fertitta are the billionaire brothers who co-own the Palms Casino Resort. Born and raised in Las Vegas, the brothers have a long history of entrepreneurship, with a particular passion for the gaming and entertainment industries.
The Fertitta brothers made their fortune with the creation of the Ultimate Fighting Championship (UFC), which they sold in 2016 for $4 billion. They also founded Station Casinos, a chain of popular local casinos in the Las Vegas area.
Frank and Lorenzo acquired the Palms Casino Resort in 2016, and have since invested heavily in renovations and upgrades to the property. The Palms is now a popular destination for tourists and locals alike, with a variety of restaurants, nightlife venues, and gaming options.
The Fertitta brothers are known for their success in the gaming and entertainment industries, and their ownership of the Palms Casino Resort is just one example of their entrepreneurial spirit and dedication to excellence.
Frank and Lorenzo Fertitta's Early Years
Frank and Lorenzo Fertitta, the brothers who own the Palms Casino Resort in Las Vegas, have come a long way from their humble beginnings. Born in Texas in the 1960s, the Fertitta brothers grew up in a working-class family and learned the value of hard work from their father, who ran a successful casino business in Las Vegas.
After attending college and working in a number of different industries, the Fertitta brothers returned to Las Vegas in the 1990s to take over their father's casino business. They quickly turned the business into a major success, expanding into other areas of the industry and opening new casinos across the country.
In 2001, the Fertitta brothers purchased the Palms Casino Resort, a small, struggling casino in Las Vegas. They invested heavily in the property, renovating and expanding it to create the luxurious resort it is today. The Palms has become one of the most popular destinations in Las Vegas, attracting celebrities and high rollers from around the world.
Despite their success, the Fertitta brothers have not forgotten their roots. They remain grounded and committed to giving back to their community, supporting a number of charitable causes and initiatives. Their hard work and dedication have made them one of the most successful and respected families in the casino industry.
- Key Facts:
- - Frank and Lorenzo Fertitta grew up in Texas and learned the value of hard work from their father
- - They returned to Las Vegas in the 1990s to take over their father's casino business, which they quickly expanded
- - The Fertitta brothers purchased the Palms Casino Resort in 2001 and turned it into a major success
- - They remain committed to giving back to their community and supporting charitable causes
The Fertitta Brothers and the UFC
The Fertitta brothers, Lorenzo and Frank, are known for their involvement in the Ultimate Fighting Championship (UFC), a mixed martial arts organization that has gained immense popularity in recent years.
The Fertitta brothers acquired the UFC in 2001 through their casino company, Station Casinos. They saw potential in the sport, which was widely considered as a fringe activity at the time, and invested heavily to turn the UFC into a mainstream sport. They brought in Dana White as president, who has been credited with the UFC's success.
Impact on the UFC
The Fertitta brothers' investment in the UFC paid off, as the sport grew in popularity over the years and the company's value increased. In 2016, the UFC was sold to a group led by talent agency WME-IMG for $4 billion, with the Fertitta brothers stepping down from their roles in the company.
The Fertitta brothers' impact on the UFC cannot be overstated, as they were instrumental in turning the organization into a global phenomenon. They are also known for their philanthropy, with donations to causes such as education and medical research.
Station Casinos, LLC: A Leading Resort Casino Company
Station Casinos, LLC is a world-renowned resort casino company that provides luxury and comfort to its guests. The company has been in the hospitality industry for over 40 years and has become a reputable brand with numerous locations nationwide.
Station Casinos, LLC owns and operates several hotel and casino properties, including the Palms Casino Resort, located in Las Vegas, Nevada. The Palms Casino Resort is one of Station Casinos' flagship properties, offering guests a unique experience with luxurious amenities and top-notch service.
Aside from the Palms Casino Resort, Station Casinos, LLC also operates other notable properties such as Red Rock Casino Resort and Spa, Green Valley Ranch Resort Spa and Casino, and Palace Station Hotel and Casino, among others. Each property boasts a distinct theme and experience to cater to different guests' preferences.
Station Casinos, LLC has also been recognized for its commitment to responsible gaming and community involvement. The company has implemented programs promoting responsible gambling and supports various charitable organizations that benefit the local community.
In summary, Station Casinos, LLC is a well-respected resort casino company that offers guests unparalleled luxury and comfort. With its impressive portfolio of properties and commitment to responsible gaming, it has become a leader in the hospitality industry.
The Expansion of Station Casinos
In recent years, Station Casinos has been expanding their presence in the Las Vegas area. One of their most notable expansions is the Palms Casino, which they acquired in 2016. The acquisition of the Palms was a strategic move for Station Casinos, as it gave them access to one of the most iconic properties on the Strip.
Station Casinos has also been expanding their presence in other areas of Las Vegas, such as North Las Vegas and Henderson. They have opened several new properties in these areas, including the Santa Fe Station Hotel & Casino and the Green Valley Ranch Resort Spa & Casino.
While Station Casinos is primarily known for their gaming properties, they have also been expanding into other areas. For example, they recently opened a new bowling alley at the Red Rock Casino Resort & Spa. This bowling alley has become a popular destination for both locals and tourists.
- Overall, the expansion of Station Casinos has been a boon for the Las Vegas area.
- Their properties offer a wide range of amenities and entertainment options, which appeal to a diverse range of visitors.
- As Station Casinos continues to expand, it will be interesting to see what new properties and innovations they bring to the Las Vegas gaming market.
Despite the challenges posed by the COVID-19 pandemic, Station Casinos has continued to invest in their properties and expand their offerings. This commitment to growth and innovation has helped them stay competitive in the ever-changing Las Vegas market.
Red Rock Resorts' Initial Public Offering (IPO)
Red Rock Resorts, the parent company of Palms Casino Resort, went public in April 2016. The IPO raised approximately $531.4 million and sold 27.3 million shares at $19 per share.
Red Rock Resorts used the funds from the IPO to pay down debt, invest in current casinos, and potentially expand their operations in the future.
The offering was underwritten by J.P. Morgan, Deutsche Bank Securities, Goldman Sachs & Co., BofA Merrill Lynch, Citigroup, Macquarie Capital, and Stifel. Red Rock Resorts is listed on the NASDAQ under the ticker symbol RRR.
- The IPO included Class A shares, which represent voting rights, and Class B shares, which have no voting rights but have a right to profits.
- The Fertitta family, who has owned Palms Casino Resort since 2016, owns a significant portion of Red Rock Resorts' voting rights through their ownership of Class B shares.
- Red Rock Resorts is primarily a casino operator in Las Vegas, with properties including Station Casinos, Wildfire Gaming, and Graton Resort & Casino in California.
The IPO was a significant event for Red Rock Resorts, marking a new phase in the company's growth and potential expansion opportunities.
Frank and Lorenzo Fertitta's Resignation from Red Rock Resorts
The brothers Frank and Lorenzo Fertitta, the former owners of the Palms Casino, resigned from their positions as officers and members of Red Rock Resorts' board of directors in July 2020.
Red Rock Resorts is the parent company of Station Casinos, which the Fertitta brothers founded in 1976. The company operates several casinos in the Las Vegas area, including the Red Rock Resort, Green Valley Ranch, and Palace Station.
The Fertitta brothers have been involved in the gaming industry for many years and are well-known figures in the Las Vegas community. They sold the Palms Casino in 2016 for $312.5 million to Station Casinos, which is owned by Red Rock Resorts.
Their departure from the board of directors did not come as a surprise, as they had already been reducing their involvement in the company over the past few years. However, it marks the end of an era for Red Rock Resorts and Station Casinos.
Despite their resignation, the Fertitta brothers remain shareholders in Red Rock Resorts and are still involved in other business ventures, including the Ultimate Fighting Championship (UFC), which they sold to WME-IMG in 2016 for $4 billion.
Who Owns the Palms Casino Now?
The Palms Casino, located in Las Vegas, is an iconic destination known for its luxurious accommodations and world-class entertainment. In recent years, the property has undergone significant changes in ownership.
The most recent change in ownership occurred in 2019 when the Palms Casino was acquired by Station Casinos. Station Casinos is a leading gaming and entertainment company that operates several properties in the Las Vegas area.
Prior to being acquired by Station Casinos, the Palms Casino was owned by the Maloof family. The Maloof family owned the property for more than a decade and oversaw significant renovations and updates during their ownership.
Today, the Palms Casino continues to be a popular destination for those seeking a high-end gaming and entertainment experience in Las Vegas. With its new ownership under Station Casinos, guests can expect to enjoy even more amenities and luxurious features during their stay at the Palms.
The Partnership between Station Casinos and Red Rock Resorts
Station Casinos and Red Rock Resorts are two well-known names in the gaming and hospitality industry. Station Casinos is a Las Vegas-based company with a portfolio of 20 properties, including the Palms Casino Resort, while Red Rock Resorts is the parent company of Station Casinos.
The partnership between the two companies began with the founding of Station Casinos in 1976 by brothers Frank and Lorenzo Fertitta. In 2016, Red Rock Resorts went public, and the Fertitta family still owns the majority of the company.
Together, Station Casinos and Red Rock Resorts have become a major player in the gaming industry, offering a wide range of amenities and entertainment options for guests. From luxurious accommodations to top-rated restaurants and live entertainment, the partnership has made a name for itself in the hospitality industry in Las Vegas and beyond.
The partnership has also focused on community involvement and philanthropy, giving back to the Las Vegas community through various charitable initiatives and donations. With a commitment to providing the ultimate guest experience and making a positive impact on the community, the partnership between Station Casinos and Red Rock Resorts has proven to be a successful and enduring one.
Future Plans for Palms Casino
Renovations and Upgrades
The Palms Casino plans to undergo an extensive renovation and upgrade project in order to attract new visitors and retain existing guests. This includes significant changes to the casino floor, hotel rooms, restaurants, and nightlife venues.
Some of the upgrades to the casino floor will include new slot machines, table games, and high-limit gaming areas. The hotel rooms will be completely renovated with new decor and amenities, including modern technology and luxury furnishings.
The Palms Casino will also introduce new dining concepts and nightlife experiences, including a new Italian restaurant, Asian fusion restaurant, and an updated nightclub with state-of-the-art sound and lighting systems.
Expansion of Meeting and Convention Space
In addition to the renovations and upgrades, the Palms Casino plans to expand its meeting and convention space. The expansion will include a new 30,000 square-foot ballroom, as well as additional breakout rooms and event spaces.
With the expansion of its meeting and convention capacity, the Palms Casino hopes to attract a wider audience of corporate clients and business travelers.
New Entertainment Venues
The Palms Casino plans to introduce new entertainment venues, including a concert hall and theater. These new venues will allow the Palms to host a wider range of events, from intimate performances to large-scale concerts.
With these new venues, the Palms Casino hopes to establish itself as a top destination for entertainment in Las Vegas.
The Insta-famous Art Collection at the Palms Casino
Discover the Artistry That'll Sweep You off Your Feet
Located in the heart of the Las Vegas Strip, Palms Casino is a hub of glamour and entertainment. And, recently, its art collection has been taking the Insta-world by storm! This resort boasts one of the largest and most diverse contemporary art collections in the world, with pieces that are sure to captivate your attention.
With over $40 million worth of art, Palms Casino has acquired works of art from celebrated artists like Takashi Murakami, Damien Hirst, KAWS, and many more. The most innovative of all is the dynamic duo of artists who go by the moniker of "FAILE." Their artwork on display in the Palms Casino lobby takes inspiration from pop-culture iconography and the vintage comic book aesthetics that Brooklyn-based FAILE is known for.
If you're a fan of street art, then you don't want to miss out on the famous artworks on the walls at Palms Casino. The casino features original pieces such as a trio of hand-painted murals by world-renowned artists including the UK’s D*Face.
So next time you find yourself checking out this iconic casino, be sure to take a moment to appreciate the incredible art collection on display that's unlike anything else you've ever seen.
The Palms Casino's Celebrity Guests
Stars Flock to the Palms
The Palms Casino is known for its celebrity guests. Many Hollywood A-listers and musicians have been spotted here over the years. Some of the most famous guests include Jennifer Lopez, Britney Spears, and Justin Timberlake. The luxury resort provides the perfect setting for these stars to unwind and enjoy themselves.
In addition to these big names, the Palms Casino has also welcomed reality TV stars and athletes. The Kardashian family has stayed at the Palms, and NBA player LeBron James has been spotted here as well. It's no wonder that the Palms is such a popular destination for the rich and famous.
A Place to See and Be Seen
The Palms Casino is not only a great place to stay and play, but it's also a place to see and be seen. The resort has a number of restaurants, bars, and clubs that attract a young and trendy crowd. The Ghostbar, for example, is an exclusive nightclub that offers stunning views of the Las Vegas skyline.
The Palms also has an impressive art collection on display throughout the resort, including several pieces by Damien Hirst. This adds to the overall hip and cool vibe of the Palms Casino, making it a must-visit destination for anyone looking for an exciting and memorable time in Las Vegas.
A Celebrity Hotspot for Over a Decade
The Palms Casino has been a celebrity hotspot for over a decade, and it shows no signs of slowing down. With its luxurious accommodations, world-class dining, and incredible nightlife, the Palms is the perfect place for celebrities to escape the chaos of Hollywood and enjoy some relaxation in Sin City.
Whether you're a fan of the star-studded atmosphere or simply looking to experience the glitz and glamour of Las Vegas, the Palms Casino is a destination that should be on your list. Who knows, you might even end up rubbing elbows with one of your favorite celebrities!
The Palms Casino's Iconic Features
1. The Fantasy Tower
The Fantasy Tower is one of the most recognizable features of the Palms Casino. This tower features some of the most luxurious suites in all of Las Vegas, including the renowned Hardwood Suite, which boasts its own basketball court.
2. The Pearl Concert Theater
One of the premier music venues in Las Vegas, the Pearl Concert Theater regularly hosts some of the biggest names in music. With a seating capacity of 2,500, the theater offers an intimate concert experience unparalleled in the city.
3. The Sky Villas
The Sky Villas at the Palms Casino are some of the most luxurious accommodations in the entire city. With features like private pools, full butler service, and even their own hair and makeup studios, the Sky Villas offer an unforgettable experience for those looking to indulge in the ultimate luxury.
4. The Ghostbar
The Ghostbar, one of Las Vegas's most popular nightclubs, is located on the top floor of the Palms Casino. With breathtaking views of the city and an ultra-modern design, the Ghostbar is a must-visit destination for those looking to party in style.
5. The Palms Place Tower
The Palms Place Tower is a separate tower from the main Palms Casino, offering guests a more residential experience. With luxurious one- and two-bedroom suites, the tower features a private pool, spa, and fitness center, as well as incredible views of the Las Vegas skyline.