Deal-making starts to pick up in Las Vegas

|By:, SA News Editor

The Palms Casino Resort in Las Vegas, once owned by the Maloof brothers, is exploring a sale, sources tell Bloomberg.

The popular casino is now majority-owned by TPG Capital and Leonard Green & Partners.

The sale of the Palms is another sign that business activity is picking up in Las Vegas. Other properties on the sales block include the unfinished Fountainebleau Resort (owned by Icahn) and the Aliante Casino (owned by Apollo Global, TPG, and Standard Capital). Underpinning some of the real estate activity, room rates and traffic numbers have improved in Las Vegas in recent months.

Related stocks: CZR, MGM, WYNN.

Related ETF: BJK.

Previously: The Trump Organization eyes Vegas casino (Feb. 25)

Previously: Report: MGM Resorts to sell Vegas mall for $1.13B to Simon group (March 2)

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