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Palms chooses new president
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LAS VEGAS REVIEW-JOURNAL
Joe Magliarditi, a veteran gaming executive and former president and chief executive officer of the Hard Rock Hotel, has been named president of the Palms.
The announcement Monday of Magliarditi's hiring comes three days after Paul Pusateri's departure was announced. In his role, Magliarditi will oversee all hotel and casino operations for the 1,300-room resort.
"We are thrilled to have Joe as part of our team," said Palms owner George Maloof. "We look forward to him being a part of the Palms' continued success."
His arrival also comes eight days after George Maloof reached an agreement to restructure his family's ownership stake in the resort.
The family now owns 2 percent of the decade-old hotel-casino. He turned majority ownership of the Las Vegas celebrity hangout over to private investment firms TPG Capital and Leonard Green & Partners LP.
Pusateri, a past executive vice president of The Venetian, joined the Palms in September 2009.
Magliarditi resigned from the Hard Rock Hotel in March after the property defaulted on $1 billion in loans and the operations were taken over by Warner Gaming LLC.
During his 18-year career as a senior gaming executive, he has also served as chief operating officer of M Resort, executive vice president and COO of Marnell Sher Gaming, and vice president of operations at the Rio.
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There is no manager that could have stopped the financial troubles at the HR or The M. The fact is these properties were overleveraged. and when the economy tanked and people stopped gaming, that was the beginning of the end...no stopping it. The projections when the HR added new towers and when the M was built were a different economic time....business was good....really good....and by the time they finished, business turned bad...reallly bad....the second great depression was upon us.....cant blame Joe for trying to do all he could to cut costs to service the debt....The Palms now has NO DEBT, with the exception of the 20 million still owed on Palms Place, which the hotel should be able to service....This isnt about 1 person, this is about an economic situation that destroyed many of the best of the best,,,,if you found yourself overleveraged, you were in trouble....there was no avoiding it. And btw, the reason these lenders sell their debt is because they dont want to be in the casino business, and those in the casino business with cash buy the debt because they do. Thats just how it goes.
The new owners must be as dumb as rocks. This guy tanked the M resort, the Hard Rock, all while enjoying all of the female staff and customers to boot. I think he has problems with Nevada Gaming Control. Of all the talent in the gaming industry, why would they hire this guy? I guess we can call it the blind leading the blind. Good luck new owners, you better keep a close eye on your three time loser.
lets give up the dice--all these casinos will go under if they have suck a large debit--if you have too many credit cards you will go under it is the same game---the only casino that can make it really is the TREASURE ISLAND low ratio--you learn that at scholl not university---frank
jaguar... I was referring to the HR being taken over by a bank not the M. I didn't realize Mr Magliarditi was the original Pres of M (thanks for the correction), I also thought Penn bought them through bankruptcy rather than just buying the debt from the bank prior to a bankruptcy (again thanks for the correction, it's so hard to keep up with what properties went BK and which didn't). I'll agree with you the M has definately gotten better since Penn bought them. I don't know Mr Mag and for all I know he could be the greatest manager in the world, I just know both properties struggled through difficult times with him at the helm and I have seen vast improvements at the M since they got new owners and new management without their hands tied by debt. Hopefully the HR can follow and reclaim the vibe they lost while going through their financial collapse.
Mr. Pusateri was President of Paris/Bally's when Paris opened in 1999. Paris was a great property under Mr Pusateri, and has really gone downhill since he left.
It'll be fresh flood at the Palm...Very soon...
One out another one in, Maloofs have only 2%. almost sounds like the fertitta boys..
GH, Magliarditi didn't take over the M, he was there from day one. He left to take a higher position at the hard-rock and he once again was hired in a higher position at the palms.
The M opened during the harshest times ever to open a resort off the main strip. I'm happy to report that Anthony Marnell is still CEO and just signed a 5 year contract with our new owners Penn gaming, and the M has done nothing but improve since Penn National Gaming bought our debt and we were not taken over by a bank. We are the fastest property to ever achieve a 4 star rating and we are working on our 5 star rating. Our business has done nothing but pick up over the past year and a half and I can assure you Joe Mags helped set the foundation for our success.
Please get your facts straight. And as far as machine tightness, we have the same machines and pay tables and comps every other casino offers, but we deliver it with a better over all gaming and hotel experience and value for your dollar.
Vegas is SO inbred...
Here we have one person, Pusateri, who "leaves" after 20 months of trying to turn the Palms around? And, he'll have at least 2 years severance, plus, plus, plus to take with him for his lackluster efforts.
The failure is replaced by another not-so-stellar entity whose sole claim to fame is that he lost fewer dollars than the competition on the strip. This is a change?
It has always been about the money but gaming here needs fresh blood, new perspective and someone with Real vision.
I'm not sure what to think of this. Mr Magliarditi wasn't able to turn around either the M or the Hard Rock, one went through bankruptcy and the other was taken over by the bank. After he took over at both properties prices went up, comps went down, machines got tighter, etc, etc, etc... Hopefully his nickle and dime you management style of those properties was just a result of trying to overcome huge financial problems or the Palms days of good slots and comps are over.