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July 30, 2014

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Gaming:

Palms now owns its nightclubs and biggest restaurants

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Courtesy

The Palms Casino Resort and Palms Place.

George Maloof

George Maloof

N9ne

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Since it opened in 2001, the Palms has been a hangout for celebrities and the host of pool parties for MTV. It's also suffered explosive battles between partners.

Now, the casino, hotel, nightclubs and its most well-known restaurants are finally under one owner.

F.P. Holdings, majority owners of the Palms, announced Friday it has purchased restaurant and entertainment group N.M. Ventures and N.M. Ventures II. That gives the Palms sole ownership of the Ghostbar, Rain and Moon nightclubs, the Palms Pool & Bungalows, the Nove Italiano and N9NE Steakhouse restaurants and the Stuff Store gift shop.

George Maloof, who opened the high-rise towers overlooking the Strip on west Flamingo Road, said he'll continue serving on the Palm's board of directors. No management changes are expected.

There also are no management changes expected at the Nine Group, which runs the clubs, restaurants and pool.

Employees were notified of the change late this afternoon. Owners hope the new structure will provide consistency of operations across the resort.

F.P. Holdings consists primarily of equity firms TPG Capital -- a Texas stake holder in Caesars Entertainment and Aliante Station -- and Leonard Green & Partners of Los Angeles. Last year, the company helped restructure $400 million in debt, which had threatened future of the casino.

With newly infused capital, the Palms this year embarked on a $50 million renovation, adding a new slot machines to the casino, a redesigned sports book and poker room, along with a new sports bar.

This spring, the Palms freshened up its pool and is planning enhancements of its nightclubs during the next year.

Maloof and his family maintain minority interests in the Palms' holding company.

John Katsilometes contributed to this story.

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