History
The Palms project was first developed by the Maloof family in July 1999, during the Fiesta 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.
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".
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 are 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. 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. The Maloof family retains a 2% share, with options to buy back up to 20%, and George Maloof continues to manage the property.
Read more about this topic: Palms Casino Resort
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