Maloofs Lose Palms Ownership

The famed Maloof family has had their ownership stake in the Palms reduced to 2%. The hotel's debt was taken over by TPG Capital and Leonard Green & Partners, which will each own 49% of the property.

TPG Capital is one of the owners of Caesars Entertainment, which has prompted speculation that Caesars will take over the Palms and add it to its Total Rewards portfolio. That isn't happening... for now, as George Maloof will remain the operational boss. We'll see how long that lasts.

With the Palms struggling like this, recent demise of the Sahara, and Planet Hollywood being taken over by Caesars, it proves how it's more and more difficult for independent casino operators to survive.

Read more about the Palms restructuring at Business Week.