Teaming with private investors, Palms Chairman George Maloof said that the Palms Casino Resort would be teaming with private investors Leonard Green & Partners LP and TPG Opportunities Partners. With the new partners, the Palms will "significantly reduce" the property's debt according to a Las Vegas Review-Journal article. TPG Opportunities Partners is a subsidiary of the Texas-based TPG Capital investment firm; Leonard Green & Partners is a private equity firm based in Los Angeles.
"We have an equity stake in the Palms," said Maloof in a phone interview with the newspaper. "We have a property that has done very well in a brutal market. I'm sure we've captured some market share from other people." The terms of the new arrangement were not disclosed, nor were figures revealed, though the property was backed by a $400 million revolving credit agreement that was due in October and was not refinanced.
Leonard Green and TPG said in a joint statement, "We are excited to partner with the Maloof family on this world-class asset and iconic brand."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment