We were off a bit on the date when we reported that the company that owns Caesars Entertainment would be taking over The Palms. But now it’s official. The Maloofs, who spent half a billion dollars on the hotel-casino that they built from scratch, will now walk away with owning just 2 percent of the property, with the possibility of gaining back up to 20 percent. The new owners, TPG Capital (which owns Caesars Entertainment) and Leonard Green & Partners, will take over The Palms’ debt for 49 percent each. We suspect The Palms will eventually fold into Caesars Entertainment’s Total Rewards’ popular nationwide rewards program, allowing players to earn points for gambling and purchasing.
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