Leonard Green & Partners and TPG Capital are in discussions to acquire a controlling stake in the Las Vegas’ Palms Casino Resort, Bloomberg reports. The buyout firms, which purchased most of a loan backed by the casino and its hotel towers at a discount in 2010, may buy an equity stake in the casino as its owner, George Maloof, seeks to restructure the property’s debt. Maloof, who opened the Palms in 2001, will remain the operator of the property with a reduced ownership stake. The property is backed by a revolving credit facility due in October, which was originally for $400 million and was not refinanced.

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