Palms becoming part of HET

I heard Maloof is selling a majority of their shares to HET. I'm not sure when, but I heard they are switching their players card to the HET rewards cards. Anyone else hear anything?

i think he got some private equity to buy a half billion of his debt. Dont know the details, havent heard it's HET, or even olympia. The monopoly money nature of these deals is the real story to me. When station went into receivership, they listed the value of their stake in palms as NOTHING (if memory serves). Good luck!

http://www.bizjournals.com/albuquerque/news/2011/01/08/bloomberg-maloofs-selling-palms-casino.html

http://www.sacbee.com/2011/01/08/3308577/report-maloofs-struggle-to-keep.html

We had a previous thread on this with some info:
http://www.lasvegasadvisor.com/forum/messageview.cfm?catid=53&threadid=308170

There is also some mention of this possibly happening (if the sale goes through) in the "News" section in the new February 2011 issue of the LVA.

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