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Palms Casino Works To Reduce Debt

LAS VEGAS (AP) — The Palms Casino Resort in Las Vegas is teaming up with a private investment firm to help reduce its debt.

Palms Chairman George Maloof said in a statement Tuesday that the casino will work with TPG Opportunities Partners to strengthen its balance sheet.

The Maloof family also owns the NBA’s Sacramento Kings, which has faced financial troubles.

TPG Opportunities Partners is a joint venture between TPG Capital and Leonard Green & Partners.

The terms of the deal were not made public. The deal is subject to regulatory approvals.

Las Vegas runs on tourism, but the city has been hit hard by the sluggish national economy.

Copyright 2011 The Associated Press.

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