Published Monday, June 27, 2011 | 1:59 p.m.
Updated Tuesday, June 28, 2011 | 7:43 a.m.
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.