Hugh Hefner selected and placed the one-of-a-kind artwork found throughout his namesake Sky Villa at the Palms. Right, floor-to-ceiling windows in the suite provide panoramic views of the city. Photos by Ronda Churchill. Floor-to-ceiling windows in the suite provide panoramic views of the city. Reds and blacks give the Hugh Hefner Sky Villa at the Palms an authentic Playboy look. Guests can soak in a pool that provides a singular view of the valley.

In the business of gambling, luxury suites are considered the fruits of a high roller's labors.

But not the Hugh Hefner Sky Villa suite at the Palms. It doesn't matter how much you play, win or lose, if you want to stay there, you're going to have to pay for it, said resort President George Maloof.

The price? A cool $40,000 per night.

"People ask, 'Why so expensive?' " Maloof said. "Because that's part of the experience."

Part of the resort's Fantasy Tower, the 9,000-square-foot suite is on the 34th and 35th floors. It was unveiled last month with the opening of the Playboy Club, just five floors above. Hefner himself christened the suite by staying there for the opening weekend, Maloof said. To date, the suite has had no other guests.

Conceptually, the two-story suite was inspired by the Playboy Mansion in Los Angeles, but was designed to capture the feel of Hefner's original Chicago Playboy pad. Hef, as Maloof calls him, played a major role in the concept and design, which is reflected in its 1960s retro feel.

"We didn't want anything that resembled the mansion, we wanted something that conceptually represented the lifestyle of the mansion and had its own identity," said Maloof, who has visited the mansion at least 20 times. "We're going to have this suite available to the person who wants to be like Hef."

Everything, from furniture to drapes, is red and black. Leather wallpaper and marble floors abound. An open living room anchored by a red onyx bar leads out to a spacious terrace featuring a Jacuzzi with a breathtaking view. The media room is the place to watch one of four televisions, listen to music or simply take in the panorama of the valley.

The suite is centered around a two-story glass elevator.

"In the original mansion, Hef had a fire pole that went from one floor to the other. We spent a lot of time trying to engineer that but it was so dangerous that we decided to put in the glass elevator," Maloof said.

The elevator or stairs take guests to the second floor, which features two bedrooms, a massage room, a sauna and a workout room.

Original artwork chosen by Hefner is displayed on the walls, from the first Playboy cover to the first centerfold and even some likenesses of Hefner himself. But the one thing that says Hugh Hefner the most is perhaps the rotating bed in the upstairs master suite, Maloof said.

The round bed is a replica of Hefner's and rotates 360 degrees, but only in one direction. Above it is a mirrored ceiling while a metal beaded curtain shields an eight-person Jacuzzi from the bedroom.

The suite can accommodate 250 people for entertaining, Maloof said. He plans to host two VIP parties a year, in the spirit of Hefner's Halloween and Midsummer Night's Dream parties.