Palms majority owner gains control of Rain, N9NE Steakhouse, Moon Nightclub
Palms majority owner F.P. Holdings LP on Monday gained control over Ghostbar, N9NE Steakhouse, Rain, Stuff Store gift shop, Palms Pools & Bungalows, Nove Italiano and Moon Nightclub at the Palms.
F.P. Holdings LP acquired the remaining interest in NM Ventures LLC and NM Ventures II LLC to effect the change, the company said.
Financial terms were not disclosed.
"As a result, NM Ventures and NM Ventures II are now wholly owned subsidiaries of F.P. Holdings," the company said in a statement.
F.P. Holdings was created in November when equity firms TPG Capital and Leonard Green & Partners L.P. took majority ownership of the Palms.
The two firms helped restructure $459 million in debt, after the off-Strip property encountered financial trouble.
George Maloof, the driving force behind the Palms, which opened in 2001, owns 2 percent of the resort, along with a 10-year employment agreement to manage the hotel-casino.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
