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Tom Donoghue/DonoghuePhotography.com
Preview and media day for the 2011 NHL Awards at the Palms on June 21, 2011. Palms head honcho George Maloof is pictured here with the NHL Awards trophies.
Published Monday, June 27, 2011 | 1:59 p.m.
Updated Tuesday, June 28, 2011 | 7:43 a.m.
Joseph Magliarditi
The man who started the year as the president of one of the Palms’ chief competitors is now president of the Palms.
Joe Magliarditi, a longtime gaming executive who most recently was president and chief executive officer of the Hard Rock Hotel, was formally announced today as president of the Palms.
George Maloof, chairman of the board of the Palms, announced Magliarditi’s hiring in an email sent to his staff today. The announcement that Magliarditi has been hired at the Palms arrives eight days after it was announced that the Maloof family restructured its ownership stake in the resort.
The family now owns 2 percent of the hotel-casino it opened in 2001, restructuring a $400 million debt after a shuffle of ownership that turns majority ownership of the hotel over to investment firms TPG Capital and Leonard Green and Partners.
In a news release issued this afternoon by the hotel, Maloof said: “We are thrilled to have Joe as part of our team. We look forward to him being a part of the Palms’ continued success.”
The release states that Magliarditi will direct all operations at the 1,300-room hotel-casino. He replaces Paul Pusateri, who has resigned as Palms president effective Thursday.
Magliarditi resigned from the Hard Rock Hotel in March. He was onboard for less than a year as the resort’s top executive, stepping down after the property defaulted on more than $1 billion in loans and operations were taken over by casino management company Warner Gaming.
Magliarditi also has served as executive vice president and chief operating officer of M Resort, the executive vice president and COO of Marnell Sher Gaming (overseeing operations of Edgewater and Colorado Belle resort-casinos in Laughlin) and as vice president of operations at the Rio. His career in the industry spans 18 years.
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Presided over a default of 1 billion dollars at the Hard Rock and now hired as President of the Palms Casino?
Am I missing something?
How can I join this "network" of failure and be richly rewarded? I still can't get past the construction screw-ups at City Center all the while Bobby Baldwin not only retains his job but is awarded some kind of "executive of the year" award.
Someone pinch me.
Tom D. Consider yourself pinched.
Thank you.
It's the Vegas version of the good old boy network.
One of the reasons I stay out of casinos...there is just no good to come by frequenting them as a customer.
Should this be taken as Paul Pusateri's "kicked to the curb" notice?
The "winds of change" begin blowing through the Palms -- next Todd Simons?
Does this mean patron's will be getting their confiscated player-points back?
: {
Palms Employees, Here is your warning. Get your resumes together and updated.
The "negative nellies" will be out in force on this one. It's hard to fault Magliarditi for the debt issue at the Hard Rock. He stated when he took over that the property couldn't support the weight of that debt and restructuring would be needed. Perhaps you noticed, a great many others found themselves in the same type hole.
With his resume and track-record elsewhere, I honestly don't think he's a part of a "network of failure". How can you get you one of these high paying jobs? Get a good education, work your way into the management structure and perform to the best of your ability... it's a lot harder than sitting behind your 8 year-old Gateway computer and commenting on articles.
The sad part is that Vegas casinos never saw the problem. Day laborers, Housekeepers, Security guards sitting at $25 Blackjack tables playing with home equity money gladly given to them by every frickin bank in the country. "Spend away my friend, all is good".
All these guys got away from the core business of gambling, food and entertainment. They all decided to get into residential towers and got burned beyond belief. They weren't happy running a nice casino and making a nice buck. It was all about more, more, more. Well, "more" bankrupted all of you.
Housekeepers playing $25 blackjack? Gimme a break. All these "network" boys missed the signals, yet all of them continue to get hired and re-hired. Failure is rewarded. Sign me up.
Wall Street missed it, casino owers/managers missed it, mortgage bankers missed it as did regular bankers, but TomD1228 saw it all coming!!! Dude, with that kinda foresight your crystal ball is very valuable!!!
Monday morning quarterbacking is indeed sweet!
This confirms that George's controll has been 100% reliquished. He is not dumb enough to hire this goof.
Leonard Green should be ashamed of themselves. Thier investors should be furiouse. This guy couldn't run a 7-11. Incompetent is an understatement. The most dishonest and fraudulant person running around Vegas today. He's on probabtion with the GCB for god sakes. Check the records. Nice job Leonard Green, stick to spread sheets not operations. Wait till the street reporters get ahold of this guy
At least it's not that a%%hole who killed a female student while he himself was in charge as a Hard Rock Hotel CEO...
Good luck to the both of them ...still at "The Palms".
Regards
Chuck
I thought maybe Jim Riggleman would get the job.
Was George drunk again when he made this choice?
Joe Mags will run the Palms into the ground! His own personal gain will outweigh the needs of the hotel. He will make all kinds of long term contractual deals, that he will personally benefit from, with all disregard for the future of the hotel. He will bring in the most incompetent management team to ever set foot on a casino floor. I've worked for him, one of the guys he brought in as a director couldn't even spell. Joe Mags is a joke. God speed Palms employees, it's gonna be a rough ride.
allaroundtown:
George didn't make this choice.
@smartone
If I had known what mortgage brokers, lenders, real estate agents and executives at Fannie and Freddie had known...I'll bet I would have seen problems.
No income loans, bad credit loans, stated income loans...the only ones who knew this were those perpetuating this travesty...all of the above.
See, you have it wrong. They didn't "miss it", they "ignored it". Then it imploded.
Yep, now I remember "top gun" Magliarditi, who replaced Fred Kleisner, CEO of Morgans, who was filling in temporarily after the death of Hard Rock general manager Randy Kwasniewski, r.i.p., Randy.
Does that necessarily mean that each time when "grave digger" Magliarditi steps up claiming: "The stage is mine!", someone's gotta leave Planet Earth, just like in March 2010?
http://www.lasvegassun.com/news/2010/mar...
If that's the case, I'd recommend to George to keep his health, his faith in his staff's good skills and his own capabilities, and to get himself together to somehow survive that self-bought-in "zombie" J.M.
All the best of luck to "The Palms".
I never thought, I'd admit it one day, but maybe it's time to call my good ole buddy "The Banana Joe" to help me out of this with some good advice from an outer, more distant perspective, I mean just about that other Joe character issue.
This J.M. just seems like some kind of actor to me, I mean, he's just the wrong man, at the wrong time at the wrong place.... this is not his set to play something that he's NOT. This is "The PALMS", a place for some real day-by-day, hard-work, real-world casino business. OMG, what are we TODO right now?