The Palms Casino Resort in Las Vegas has hired the investment bank Macquarie Group Ltd. to explore a possible sale, according to people with knowledge of the matter, becoming one of at least three properties to come on the market as tourism improves.
The 1,300-room resort, about a mile from the Las Vegas Strip, could fetch several hundred million dollars, said the people, who asked not to be identified since the decision to seek a buyer hasn't been announced. TPG Capital and Leonard Green & Partners became majority owners five years ago in a debt restructuring.
The Palms was one of several casinos taken over by investment firms in the wake of the financial crisis. Now a recovery in Las Vegas tourism is spurring the owners to post for-sale signs.