Increased property values in Las Vegas have the Palms Casino Resort eyeing a potential listing of the 1,300-room resort, Bloomberg Business reported.
The casino reportedly contracted the Macquarie Group to explore a potential sale, which likely would fetch hundreds of millions of dollars.
The Palms’ majority owners, TPG Capital and Leonard Green & Partners, became majority owners of the casino after it underwent a debt restructuring in 2011.
With economic conditions improved and Las Vegas tourism on the rise, average daily occupancy rates are topping 90 percent on the Las Vegas Strip and averaging $120 per night. Tourism rose by 2.9 percent in Las Vegas last year, with a record 42.3 million people taking trips to Sin City.
The Palms is located about a mile west of the Strip on Flamingo Boulevard, and was opened by George Maloof Jr. in 2001. It enjoyed initial success and added new towers in 2005 and 2008, but the Great Recession forced a debt restructuring in 2011.
With economic conditions recovered, the Palms new takes in tens of millions of dollars annually, and its majority owners might be looking to turn a profit on its sale.
Also for sale in the Las Vegas area is the Aliante Casino in North Las Vegas, owned by a group of investors, and the empty Fontainebleau, for which billionaire Carl Icahn might have an interested buyer.
MGM Resorts International also sold its upscale Crystals shopping mall in the CityCenter development to the Simon Property Group for $1.13 billion.
