In 2012 the owners undertook a $50 million renovation, but were unable to restore the property to the young-hip-vibe that it was seeking. Like many hotel properties, The Palms suffered financial difficulties in the Great Recession and was sold to the Texas Pacific Group and Leonard Green & Partners in 2011. In 2007, the casino opened the Pearl Concert Theater and 2008 saw the opening of the Palms Place, a high-rise condo hotel. Expanding on the theme that celebrated celebrity-hood, a second tower was built and opened in 2005 that included a Playboy Club and a recording studio. It has made several television appearances, and was the main setting for the 2002 reality television show The Real World: Las Vegas. It included a casino, restaurants, nightclubs, and a 42-story hotel.
The Palms opened on November 15, 2001, with Station Casinos and The Greenspun Corporation as minority owners. It was originally owned by the Maloof family, and was primarily overseen by George Maloof.
Las Vegas’s Palms Casino, Resort & Spa opened in 2001 with lots of fanfare and publicity. Yes, lots of palms are planted at Las Vegas’s Palms Casino, Resort & Spa.
