It took about a year or so but the Stations have assimilated the Palms.
I know I am getting old and having difficulty with change.
Looking back it is funny to be a part of the 18 years of change...
The Palms hit financial trouble in 2010, when it started missing loan payments. Under an agreement reached with creditors TPG Capital and Leonard Green & Partners, they each received a 49% stake in the property in November 2011, in exchange for erasing about $400 million in debt. The Maloof family retains a 2% share, with options to buy back up to 20%, and George Maloof continues to manage the property.
In May 2016, Station Casinos agreed to purchase the Palms for $313 million. The company subsequently began a $620 million renovation, and renovated portions of the resort began opening in May 2018. The three-phase renovation project was expected to be finished in late 2019.
Vegas is the only place I know where if your 400 million in debt the best way out is to put 900 million into the property.
(exaggerating/sarcasm)
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