Palms president resigns after less than two years

The president of the Palms resigned Friday, less than two years after joining the Las Vegas celebrity hangout.

Paul Pusateri's departure was announced about a week after owner George Maloof completed a restructuring of the property that will give majority ownership to Leonard Green & Partners LP and TPG Capital.

"Paul has made a great contribution to the Palms Casino Resort in these challenging economic times," Maloof said in a statement. "We wish him continued success."

Pusateri, who previously served as executive vice president of The Venetian, joined the Palms in September 2009. As president, he managed all hotel and gaming operations for the 1,300-room resort.

Pusateri was unavailable for comment late Friday.

A seasoned hotel executive, Pusateri since 1996 has been instrumental in Las Vegas development through executive posts at Park Place Entertainment, Turnberry Associates and Las Vegas Sands Corp.

Larry Fink, executive director of public relations, credited Pusateri's leadership in helping the Palms gain "positive traction during some of the most challenging times in the history of Las Vegas."

Fink declined to comment on other possible changes at the Palms or when Pusateri's replacement would be named.

According to documents filed with the Nevada Gaming Control Board, the Maloof family will own 2 percent of the property once the deal with the private investment firms is complete, but the stake could grow to 20 percent because of options granted in the contract.

The family previously held an 85 percent stake in the casino. Maloof called the deal with Leonard Green and TPG Capital a "partnership" that better positioned the Palms for growth.

Contact reporter Chris Sieroty at csieroty@
reviewjournal.com or 702-477-3893.