The Palms Casino Resort made an announcement that it is entering into a partnership with a private equity firm, TPG Opportunity Partners on June 14, 2011.
Online PR News – 23-July-2011 – – Around a one month ago on Tuesday, June 14, 2011, The Palms Casino Resort announced that in an attempt to reduce its current debt, it would enter into partnership with an equity firm, TPG Opportunity Partners. The person in charge of The Palms Casino Resort, George Maloof believes that the partnership announced between Palms and TPG would enable the online casinos resort develop and expand its operations easily. The partnership would be good for their staff as well and would place the resort in a great position. TPG believes that this partnership with the Maloof family would also be good for them as The Palms Casino Resort is a top-notch and iconic brand. The deal to enter into a business partnership has been on the cards for quite a long time and the announcement made by both the companies a few days back confirms it.
TPG has been the casino’s debt holder for the last year and a half. The total debt on the Maloof family and the two investors was about $ 400 million. It was considered by experts that TPG might take over the equity stake in the beginning of the year 2011 as a part of restructuring. Most investors and partners take it as a wise step and believe that it would help both the parties grow and develop and specifically, it would help The Palms Casino Resort be free of its debt. The Greenspun Corporation, a small investor in the resort was very pleased to hear the news of a partnership announced between Palms and TPG. The company’s President, Bruce Deifik said that George had worked out a good arrangement for the casino resort. He further stated that they were having discussions within their organization about their involvement.
TPG Capital is one of the most recognized and trusted private equity capital firms in the world. Focusing on buyouts, growth capital and leveraged recapitalization, the firm invests in numerous industries including telecommunications, healthcare, media, retail and entertainment. In 2008, TPG along with Apollo Global Management took over Caesars Entertainment for $ 30.7 billion.
Located in Las Vegas, Nevada, The Palm Casino Resort is a casino hotel and residential tower. Styled in modern, neo-retro fashion, it has 702 rooms and suits with a large casino, a recording studio and a 2,200 seat showroom. This amazing hotel is well-equipped with all modern day facilities and amenities. It provides outstanding services to guests and also hosts the annual Cine Vegas festival.
The recently announced partnership between Palms and TPG is a good move taken by George Maloof in order to get rid of a huge debt of about $400 million. Apart from this, the decision is also expected to benefit their staff, investors as well as partners. The online casinos has been doing well for the last six months and the partnership announced between Palms and TPG will further strengthen the situation and help it come out of debt.
Online Casinos Planet
Rua Egas Moniz 44