If you walked into the Palms back in 2003, you weren’t just entering a casino. You were stepping into the literal epicenter of early-2000s pop culture. This was the place where Britney Spears reportedly had her 55-hour marriage, where The Real World: Las Vegas cast lived in a custom-built suite, and where the Maloof brothers were the kings of the desert.
But history is a fickle thing in Las Vegas. People often ask who owned the Palms casino because the answer depends entirely on which decade you’re talking about. The property hasn't just changed hands; it has survived financial collapses, billion-dollar identity crises, and a historic pandemic that nearly kept its doors locked forever.
The Maloof Era: When "Cool" Was the Only Currency
George Maloof had a vision. In the late '90s, he didn’t want to build just another slot joint for locals. He wanted a "hybrid" resort that could pull in the neighborhood crowd while simultaneously serving as a playground for A-list celebrities.
The Maloof family—already famous for owning the Sacramento Kings and the Fiesta hotel-casino—opened the Palms on November 15, 2001. Honestly, it was a gutsy move. The world was still reeling from the aftermath of 9/11, and tourism in Vegas was in a tailspin. Yet, the Palms thrived.
- The Original Ownership Structure: The Maloof family owned 88% of the resort at the start.
- Minority Partners: Station Casinos and the Greenspun Corporation each held a 6% stake.
- The Vibe: It was all about the Fantasy Suites. We’re talking about rooms with bowling alleys, basketball courts, and the famous Hugh Hefner Sky Villa.
For about a decade, the Maloofs were the face of the Palms. George was everywhere, often seen hanging out with Paris Hilton or hosting massive parties at Ghostbar. But the 2008 recession didn't care about celebrity status. The "cool" factor couldn't pay off a massive $400 million debt load when the high rollers stopped showing up.
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By 2011, the Maloofs were basically forced to hand over the keys. Their 88% stake shriveled to a mere 2% as private equity firms TPG Capital and Leonard Green & Partners took over the majority of the equity in exchange for restructuring the debt. It was the end of an era, even if George Maloof stayed on for a while in a consulting role.
The $1 Billion Gamble: Red Rock Resorts Takes Over
In 2016, the Palms entered its most expensive and arguably most confusing chapter. Red Rock Resorts (the parent company of Station Casinos, controlled by the Fertitta family) bought the property for $312.5 million.
If you think that sounds like a bargain, wait until you hear what happened next. The Fertittas decided to double down. They didn’t just want to fix the plumbing; they wanted to turn the Palms into a high-end art gallery and a global nightlife destination.
They spent $690 million on a massive renovation.
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Total investment? Over $1 billion. They filled the place with Damien Hirst sharks and world-class street art. They opened KAOS, a massive day-and-nightclub complex, and signed DJ Marshmello to a staggering $60 million residency.
It didn't work. KAOS was a financial disaster and shut down just months after opening. The resort was bleeding money. Then, in March 2020, the pandemic hit. While most of Vegas eventually flickered back to life, the Palms stayed dark. For two long years, the neon was off.
History in the Making: The San Manuel Acquisition
In 2021, the story of who owned the Palms casino took a turn that literally changed the history of Las Vegas. The San Manuel Band of Mission Indians, through their Gaming and Hospitality Authority, bought the Palms from Red Rock Resorts for $650 million.
This was a massive deal for several reasons:
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- First Native American Owners: The Palms became the first resort in Las Vegas to be 100% owned and operated by a Native American tribe.
- A New Philosophy: Unlike the private equity firms or the Fertittas, the San Manuel tribe (based in Southern California) brought a long-term, community-focused approach.
- The Reopening: They officially reopened the doors on April 27, 2022.
The tribe has shifted the focus away from the hyper-expensive, celebrity-obsessed nightclub model and toward a more balanced experience. They’ve leaned into the "locals" roots that Maloof originally envisioned while keeping the luxury suites that made the place famous.
Who Actually Owns the Palms Right Now?
As of 2026, the San Manuel Gaming and Hospitality Authority (SMGHA) remains the sole owner. They have successfully integrated the property into their portfolio, which also includes the massive Yaamava’ Resort & Casino in California.
They’ve spent the last few years rebuilding the workforce—hiring back many employees who were laid off during the pandemic—and stabilizing the brand. It’s no longer just a place for reality TV cameras; it’s a legitimate, stable business under tribal sovereignty.
Why the Ownership History Matters to You
If you're planning a trip or just following the business of Sin City, understanding the ownership shifts gives you a roadmap of what to expect.
- The Vibe is Different: Don’t expect the chaotic 24/7 party of 2005. The current ownership prioritizes service and a "home away from home" feel for their California database.
- The Art is Still There: Most of that $600 million+ renovation by the Fertittas is still visible. You get a billion-dollar aesthetic for a much more reasonable price than you'd find at a Strip property like Wynn or Fontainebleau.
- No Resort Fees (Sometimes): The tribe often runs promotions that buck the typical Vegas trend of hidden fees, reflecting their different business philosophy compared to corporate giants like MGM or Caesars.
Actionable Insights for Your Next Visit
If you want to experience the Palms today, here is how to navigate the "new" era:
- Join the Club: Sign up for the Club Serrano rewards program. Since the tribe owns properties in both California and Nevada, your play at the Palms can earn you perks at Yaamava’ and vice versa.
- Check the Fantasy Tower: If you have a group, look into the themed suites. They are better maintained now than they were during the debt-ridden private equity years.
- Dine at Scotch 80 Prime: This remains one of the best steakhouses in the city and is a holdover from the high-end renovation era that the current owners have wisely kept.
The Palms has gone from a family-run dream to a private equity asset, to a corporate experiment, and finally to a historic tribal landmark. It's a survivor, and for the first time in a long time, its ownership seems to have a clear, long-term vision for what the property should be.