FanPost

Maloofs are broke

"Leonard Green & Partners LP and TPG Capital are in talks to take a controlling stake in the Palms Casino Resort, a Las Vegas celebrity hangout, as owner George Maloof seeks to restructure the property’s debt, people with knowledge of the matter said.

The buyout firms acquired most of a loan backed by the casino and its hotel towers at a discount last year, and may take an equity stake in the first quarter as part of the restructuring, said three of the people, who asked not to be identified because the deliberations are private. No agreement has been reached and talks are continuing, the people said."

 

http://www.bloomberg.com/news/2011-01-06/leonard-green-tpg-said-in-talks-to-take-controlling-stake-in-palms-casino.html (full story)

(This is a FanPost from a member of the Sactown Royalty community. The views expressed come from the member, and not Sactown Royalty staff.)

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