palms ? new owner??

i read somewhere that the maloofs will only own 2% of the property . my question is who did they sell it to???

Can't give you a name, but I gaurantee it's either owned or bought all of their debt. I'll be curious as to how much the debt cost.

Good Luck!
Ric at Joes

I remember seeing this story last week -- I think it was either in the Las Vegas Sun online or the LVRJ....the Palms is "partnering" with TPG Opportunity Partners (which is a partnership between Leonard Green & Partners and TPG Capital investment firm). TPG Capital Investment as we all know owns Caesars Entertainment Corp.

TPG is a holding company that is buying up casinos' debt. They did it (partnered with Apollo) with Caesars. The same thing happened at Aliante Station. They do NOT manage the casinos they "own."

The Maloofs will own between 10% and 20% according to an article in theWall Street Journal. Leonard Green & Partners and TPG Capital agreed to exchange the debt they held in the Palms to an equity position. George Maloof will continue to operate the property and I hope he will be able to do so without changing anything about the Palms that will have a negative impact on customers or employees.

They will own 2% and could potentially own up to 20% with buyback options.

https://www.sacbee.com/2011/06/18/3709756/maloofs-will-own-just-2-of-palms.html