Despite being consistently well run, packed with clientele both local and high-end tourist, Palms lost its financial footing in the recession with Palms Place (a badly timed condominium project). So, like Cosmopolitan and M, banks and investment funds are now calling the shots. Initial reports suggested the Maloof family could retain up to 20% ownership [...]
Sign of the times? These days much interesting Vegas news comes not from press releases but from legal settlements. Despite serious money problems, The Hard Rock has agreed to pay $650,000 to settle allegations security guards and casino hosts were involved in selling drugs. The casino has apparently also brought in Angel Management Group to [...]
On Saturday night Palms owner George Maloof was arrested for a suspected DUI. I actually am going to be totally surprised if he is guilty. Why? Because I happened to be with Maloof just a few hours before he was arrested, and he was not drunk or drinking at all. I was covering the Sasha [...]
Harrah’s has so many billions in debt reporters are hailing the company for not being crushed by it yet. The one action the company has taken recently that surprised many was to take over Planet Hollywood through assuming more debt. And, as I noted this morning, yesterday brought rumors Harrah’s is trying something similar with [...]
