George Maloof Expanding The Palms Casino Resort;
$600 Million Project Includes 40-story Hotel Tower
and 50-story Condominium Hotel
LAS VEGAS, March 3, 2005 - The Palms Casino Resort is embarking on a new era of growth that will change the skyline surrounding its landmark location. Owner George Maloof announced expansion plans to build a 40-story hotel tower and a 520-foot condominium hotel and spa.
The $600 million expansion is part of the master plan for the Palms, which resides on 34 acres on West Flamingo Road. The expansion will introduce some firsts for Las Vegas and compliment the local and celebrity clientele known to frequent the Palms.
"Since we opened the Palms in 2001, we have developed one of the strongest brands in the gaming industry. Our property is known worldwide," Maloof said. "Our marketing strategy at the Palms has resulted in extraordinary financial success. We want to continue that success and make the Palms an all encompassing one stop resort destination for our guests."
A new hotel tower with 347 rooms and suites is currently under construction and will feature many one-of-a-kind amenities. The expansion will include 46 megasuites and sky penthouses.
"The Palms set the standard for themed hotel rooms by creating the world-famous Real World suite," Maloof said. "With our expansion, we will design some of the most extraordinary and unique luxury suites ever built in Las Vegas."
There will be themed party suites, built with extra sound insulation, that include swimming pools, fireplaces and even a basketball court. These suites will be accessible from a private entrance and valet.
One of the main features of the expansion will be an entertainment mecca that mixes nightlife and dining. The Palms has entered into a licensing agreement with Playboy Enterprises Inc. that will enable the hotel to use the Playboy brand name for a high-end lounge and a themed retail venue. The Palms and the N9NE Group, which currently operates hot spots ghostbar and Rain in the existing tower, will operate the new venues.
The first-ever recording studio in a Las Vegas hotel-casino will span 8,000 square feet, offer state-of-the-art equipment and allow artists to record from remote units in their suites. The expansion will also include an exclusive screening room and lounge that will accommodate VIP guests who require a private spot for viewing films.
Additional highlights include an intimate 2,200-seat showroom, approximately 60,000-square-feet of meeting space, two new restaurants and specialty retail shops. A new pool with private bungalows and a unique look will be an extraordinary centerpiece for the resort.
Adjacent to the hotel towers, a 50-story, 520-foot condominium hotel and spa will be built. The project, named Palms Place, will feature 599 condominiums. Celebrities, major recording artists, prominent sports figures, actors and Palms high rollers are among the first to reserve a residence at Palms Place, which is slated to begin construction in 2006.
Palms Place will be connected to the Palms by an enclosed, elevated, moving walkway, allowing residents 24-hour access to amenities at the Palms.
"Palms Place will be the premier condominium hotel complete with a world-class spa, VIP concierge service and all the action of the Palms lifestyle," Maloof said. "The building will be spectacular and will boast wide ranging views of the Strip and Spring Mountains."
The Jerde Partnership, based in Los Angeles, Calif., is the architect for Palms Place and the new hotel tower. Jerde is known worldwide for its architecture, urban planning and landscape design. Only one tower will be built at Palms Place, creating a more exclusive environment, according to Maloof. Palms Place will feature a private, gated entryway, a 50,000-square-foot pool and spa, valet parking and more.
The fully furnished contemporary condominiums will range from 600 to 7,000 square feet. Prices range from $500,000 to $7 million.
The Palms Casino Resort, heralded as one of Las Vegas' hippest resorts, offers guests a major destination get-away with a relaxing, affordable resort atmosphere. Owned by the Maloof family, the $265-million, 430-room property boasts a diverse mix of restaurants and bars and a 95,000-square-foot casino. This boutique resort also offers the Palms Spa and AMP salon, Brenden Theatres, a 14-theatre Cineplex, Rain Las Vegas, ghostbar, Skin Pool Lounge, Hart and Huntington Tattoo Company and over 20,000 square-feet of meeting space. The resort is home to the Real World: Las Vegas and the Bravo Celebrity Poker Showdown. The Palms features the hottest specialty suites including the Playpens with a dancer pole, the Real World Suite as seen on MTV and NBA suites with extra-large furniture. E!, VH1, CSI and MTV feature the Palms on a regular basis and the Victoria's Secret Angels made the Palms a featured destination during their "Angels Across America" tour. The Palms Casino Resort is located just west of the Las Vegas Strip and I-15 on Flamingo Road.
Palms Casino Resort
Web Site: http://www.palms.com
|Also See:||George Maloof Jr. Upbeat as His $270 million Palms Hotel and Casino Opens in Las Vegas / November 2001|
|Profile: Tjeerd Brink, Finance Director, The Palms Casino Resort / February 2005|