Caesars to take control of Palm's casino?

Say it aint so!

http://www.lvrj.com/business/equity-groups-seek-controlling-stake-in-palms-casino-113019314.html

read it again. it's 2 private equity firms. One of them happens to be part owner of Caesars entertainment. CET's other owner doesn't appear to be involved at all

oh crap! I missed the part about rolling into the Caesars portfolio! But I don't understand how that could happen when Apollo isn't involved at all and this other company that has no interest in CET is

Yup, there is the kicker, at the end. Talking about rolling it into Caesars and what it (Palms) would gain from being part of the Total Rewards system! No way they would keep the line up of good VP poker while allowing folks to earn Total Rewards credits! I mean just spend the day playing there and if you like stay at any of the Caesars properties?

I still don't quite get how if Company A and B own CET, and company B and company C take over the Palms, how the Palms could become part of CET? what does company C, which has no interest in CET get out of it?

a diamond card

It is being acquired through the restructuring of an outstanding debt obligation.
That leaves lots of room for equity to be issued in exchange for loan guarantees and other operating agreements. Note that this is all "anticipated" so there is much to be negotiated.