Palms majority owner gains control of Rain, N9NE Steakhouse, Moon Nightclub

[Mike0476]

And the hits keep coming...

http://www.lvrj.com/business/palms-...n9ne-steakhouse-moon-nightclub-170097826.html

F.P. Holdings was created in November when equity firms TPG Capital and Leonard Green & Partners L.P. took majority ownership of the Palms. The two firms helped restructure $459 million in debt, after the off-Strip property encountered financial trouble.


George Maloof, the driving force behind the Palms, which opened in 2001, owns 2 percent of the resort, along with a 10-year employment agreement to manage the hotel-casino.

 

[VF21]

"...along with a 10-year employment agreement to manage the hotel-casino."

Well, that certainly answers a big question that's been rattling around in the back of my mind. I couldn't for the life of me figure out how/why good ol' Georgie was still in any kind of management position.

Where's that from, BTW?

 

[Mike0476]

"...along with a 10-year employment agreement to manage the hotel-casino."

Well, that certainly answers a big question that's been rattling around in the back of my mind. I couldn't for the life of me figure out how/why good ol' Georgie was still in any kind of management position.

Where's that from, BTW?

I forgot to add the link from the Las Vegas Review-Journal. It's included now.

 

[JB_kings]

So much for the idea that George is trying to buy back a percentage of the Palms. He is part of NM Ventures LLC which just lost control of those nightclubs. At this point George probably isn't in charge of the laundry room at the Palms.

For those curious about NM Ventures, LLC. Just Google them and you won't be surprised that there is a lot of dirty mess there too.

 

[Mike0476]

I wonder if he still gets employee parking or not.

 

[VF21]

So George alone owns 2% of the Palms and not the Maloof family? This just gets more and more convoluted.