Maloof was the owner of the Fiesta hotel-casino in North Las Vegas. At the time, he had no immediate plans for the site. In 1997, George Maloof purchased a 31.5-acre (12.7 ha) property on Flamingo Road, west of the Las Vegas Strip. Under its new ownership, the Palms is the first Las Vegas resort to have a Native American owner. In 2021, Red Rock sold the resort for $650 million to the San Manuel Band of Mission Indians, which reopened it on April 27, 2022. The Palms and other Nevada casinos were closed in March 2020, amid the COVID-19 pandemic.

The company launched a $620 million renovation which included new restaurants and nightclubs, but the changes failed to restore the resort's past prominence. Red Rock Resorts, the parent company of Station Casinos, purchased the Palms for $312.5 million in 2016. A $50 million renovation took place in 2012, to help reinvigorate the resort's popularity.

The Maloof family retained a two-percent interest in the Palms. The Palms experienced financial difficulty during the Great Recession, and was sold in 2011, to Texas Pacific Group and Leonard Green & Partners. Palms Place, a high-rise condo hotel, was opened on the property a year later. A music venue, the Pearl Concert Theater, was added in 2007. A Playboy Club opened in the Fantasy Tower in 2006, becoming the first such club to open in several decades. The resort also includes a movie theater, which has hosted several film premieres. A recording studio was also added, making the Palms the first casino resort to include such a facility. It has made several television appearances, and was the main setting for the 2002 reality television show The Real World: Las Vegas, which contributed to its fame.Ī second hotel structure, the 40-story Fantasy Tower, was opened in 2005. The resort catered to local residents and tourists, and also became popular among celebrities and young adults. It included a casino, restaurants, nightclubs, and a 42-story hotel. The Palms opened on November 15, 2001, with Station Casinos and The Greenspun Corporation as minority owners. He purchased the site in 1997, and construction began three years later. It was originally owned by the Maloof family, and was primarily overseen by George Maloof.

It is owned and operated by the San Manuel Band of Mission Indians. Palms Casino Resort is a hotel and casino located near the Las Vegas Strip in Paradise, Nevada, United States.

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