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Gaming Guru

Arnold M. Knightly
 

Move-in day almost here for Palms Place

25 February 2008

LAS VEGAS, Nevada -- The Palms Place condominium tower received a temporary certificate of occupancy from Clark County inspectors Friday, clearing the way for buyers to begin closing their sales and moving in Feb. 29, owner George Maloof said.

The 599-unit tower has a mix of 600-square-foot studio units and 1,200-square-foot one-bedroom suites. There are also 21 penthouses on the top four floors.

The Palms will add the condos to its hotel room inventory for owners wishing to rent the units out when they are not using them.

Maloof said he expects approximately 80 percent of the studio and one-bedroom suite owners to agree to rent their units. The individual owners will receive 50 percent of the room's rented price on the nights they are used.

However, Maloof was careful to say the Palms is not guaranteeing revenue amounts to any owners.

The first 10 units are scheduled to become available for rent March 5, with 40 more the next day and 25 more on March 7.

Maloof said the plan is to add nearly 25 rooms a week to the hotel's room inventory during the next few months.

The 21 penthouses, which range in size from 2,000 square feet to 7,000 square feet, are still under construction. They are expected to be completed by May.

Buyers include rapper Eminem, guitarist Paul Stanley of Kiss, singer-actress Jessica Simpson and wrestler Hulk Hogan.

The 520-foot nongaming tower sits on the western end of the Palms hotel-casino's 32-acre site on Flamingo Road.

Parts of the 50,000-square-foot spa and pool area are scheduled to open Feb 29. However, Sunset Tan, which is featured on E! Entertainment, will open in mid-March.

The Simon Restaurant & Lounge, which is being developed by chef Kerry Simon, will open in late April.

The property will employ 540 people.