Palms Sold for $312.5M

The deal is expected to close by the end of the third quarter pending state and federal regulatory approval. Investment bankers TPG Capital and Leonard Green & Partners are selling their stakes in the Palms.

The property was opened by George Maloof’s family in 2001 but his stake fell to two percent in 2011 when investors became involved. Red Rock expects the resort to bring in $35 million in the first year. The Palms has 95,000 square feet of casino space and 710 hotel rooms.