Who owns the Palms Casino Resort in Las Vegas: A Detailed Insight

The Palms Casino Resort, nestled in the vibrant heart of Las Vegas, has long been a symbol of luxury and entertainment. Its ownership history is as intriguing as the property itself. This article delves into the ownership of the Palms Casino Resort, exploring its past and present, and answering common queries surrounding the subject.

Ownership History of the Palms Casino Resort

The Palms Casino Resort has undergone several changes in ownership since its inception. Its story began in 2000 when the property was opened by Station Casinos, a company founded by Frank Fertitta III and Lorenzo Fertitta. The brothers were initially successful in the gaming industry, and the Palms was one of their most ambitious projects.

In 2007, Station Casinos sold the Palms to the Sahara Las Vegas, which was owned by Philip Anschutz. However, the Sahara was struggling financially, and the Palms faced a challenging period. In 2010, the Sahara filed for bankruptcy, and the Palms was included in the bankruptcy estate.

The Palms Casino Resort was eventually purchased by a group of investors led by Station Casinos and the Fertitta brothers. The deal was finalized in 2011, and the Fertittas returned to the property, taking control of the Palms once again.

Ownership Today

The Palms Casino Resort is currently owned by the Fertitta brothers through their company, Station Casinos. They have successfully restored the property to its former glory, making it one of the most sought-after destinations in Las Vegas.

The Fertittas have invested heavily in the property, updating its amenities and offering guests a luxurious experience. The Palms has become a preferred destination for tourists and locals alike, thanks to its stunning accommodations, world-class entertainment, and top-notch dining options.

Frequently Asked Questions

1. How much did the Palms Casino Resort sell for in 2011?

The sale of the Palms Casino Resort in 2011 was estimated to be around $350 million.

2. Are the Fertitta brothers still involved in the management of the Palms?

Yes, the Fertitta brothers, Frank and Lorenzo, are still actively involved in the management of the Palms Casino Resort. They oversee the day-to-day operations and continue to invest in the property.

3. Has the Palms Casino Resort been renovated since the Fertittas took control?

Absolutely. The Fertitta brothers have invested significantly in the property, renovating its rooms, suites, and public areas. They have also added new amenities, such as a state-of-the-art spa and fitness center.

4. Are there any upcoming projects for the Palms Casino Resort?

The Fertitta brothers have announced plans to expand the property, including the addition of a new hotel tower and an outdoor concert venue. The expansion is expected to be completed by 2023.

5. How does the Palms Casino Resort compare to other luxury resorts in Las Vegas?

The Palms Casino Resort stands out for its unique blend of luxury and entertainment. It offers guests a high-end experience with a variety of dining options, live entertainment, and gaming facilities. The property also boasts stunning accommodations, making it a favorite among tourists and locals alike.

In conclusion, the Palms Casino Resort has a rich history of ownership, with the Fertitta brothers playing a significant role in its revival. Their commitment to excellence has made the Palms a must-visit destination in Las Vegas. As the property continues to expand and evolve, it remains a testament to the Fertittas' vision and dedication to providing guests with an unparalleled experience.