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Thursday, 6 May 2021

History of Palms hotel-casino in Las Vegas

Credit: KTNV Channel 13 Las Vegas
Duration: 02:30s 0 shares 4 views
History of Palms hotel-casino in Las Vegas
History of Palms hotel-casino in Las Vegas

13 Action News Anchor Ross DiMattei has a look at the history of the Palms hotel-casino.

ARE PROTECTED AND JOBS ARERETAINED" -- END QUOTE.THE PALMS HASN’T BEENAROUND..... FOR VERY LONG....IN LAS VEGAS....BUT....IT’S ALREADY SEEN.... SOMEMAJOR CHANGES...*AND*...SEVERAL DIFFERENT OWNERS.13 ACTION NEWS ANCHOR ROSSDIMATTEI JOINS US LIVE NOW--WITH A LOOK AT THE RESORT’SEXCITING, BUT EXPENSIVE HISTORY.IN THE TWO DECADES SINCEIT WAS BUILT JUST OFF THE STRIP--THE PALMS HAS MADE A NAME FORITSELF AS AN ENTERTAINMENT HUBWITH PLENTY OF CELEBRITYSIGHTINGS --BUT IT’S HAD ITS SHARE OFFINANCIAL FAILINGS AS WELL.THE CASINO FIRST BROKE GROUND INJULY OF 2000 UNDER THE OWNERSHIPOF THE MALOOF FAMILY.IN NOVEMBER OF THE NEXT YEAR,THE PALMS OPENED WITH SERIOUSCELEBRITY FANFARE.FOUR YEARS LATER, IN OCTOBER OF2005, THE PALMS ADDED A SECONDTOWER --CALLED THE "FANTASYTOWER" AT A COST OF $600 MILLIONDOLLARS.THE PALMS FIRST FACED FINANCIALTROUBLE IN 2010 --WHEN ITSTARTED MISSING LOAN PAYMENTS.IN NOVEMBER OF 2011 --OWNERSHIPREACHED AN AGREEMENT WITH ITSCREDITORS TO GIVE UP 98 PERCENTSTAKE IN THE PROPERTY --INEXCHANGE FOR ERASING $400MILLION DOLLARS IN DEBT.IN MAY OF 2016 -- STATIONCASINOS PURCHASES THE PALMS FOR$313 MILLION DOLLARS --AND SOONAFTER STARTED A MASSIVE, $620MILLION RENOVATION.THE THREE-PHASE RENOVATION WASSUPPOSED TO FINISH IN LATE 2019.PART OF THAT PROJECT INCLUDEDTHE NEW KAOS DAYCLUB ANDNIGHTCLUB.IT OPENED IN APRIL OF 2019 ANDONLY LASTED ABOUT 7 MONTHSBEFORE CLOSING PERMANENTLY INNOVEMBER.THE PANDEMIC FORCED ALL NEVADACASINOS TO CLOSE IN MARCH OF2020.EVEN THOUGH MANY CASINOS BEGANREOPENING A FEW MONTHS LATER --THE PALMS STAYED CLOSED--PROMPTING MORE QUESTIONS ABOUTITS FUTURE POST-PANDEMIC.AND THAT BRINGS US TO TODAY ANDTHIS NEW 650 MILLION DOLLARDEAL.IT WILL BE INTERESTING TO SEEWHAT CHANGES THE SAN MANUEL BANDOF MISSION INDIANS BRINGS TO THERESORT AND CASINO --AND HOW SOON IT REOPENS.LIVE OFF THE LV STRIP -- ROSSDIMATTEI -- 13 ACTION NEWS.AND...WE SPOKE WITH.....U-N-L-V GAMING HISTORIAN.....DAVID SCHWARTZ ABOUT THESIGNIFICANCE... OF THISPURCHASE.TAKE A LISTEN..... TO WHATHE SAID!"I think it’s pretty significantthat the San Manuel Band hasbought The Palms. We have hadanother tribal gamingorganization, the Mohegan Sun,operate a casino in Las Vegas,but this is the first time we’vehad a tribe buy a casino."WE’LL HAVE MORE..... ONTHIS PURCHASE....HOW SCHWARTZ AND OTHERINSIDERS THINK..... THIS COULDCHANGE.... THE LAS VEGASEXPERIENCE...THAT’S COMING UP.....

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