Palms, Cantor sign deal to launch new sports book

The Palms has signed a long-term agreement with Cantor Gaming to begin operating a new sports book featuring Cantor's mobile-betting devices at the off-Strip gaming property.

The agreement, announced today in a statement issued by the companies, commences in the first quarter of 2012. The Palms' existing sports book will operate through the NCAA men's basketball tournament in March, with construction on the new operation set to begin in April. The new sports book is expected to be completed by the start of 2012 football season.

"We look forward to transforming the race and sports book into a formidable space that encompasses exquisitely stylish designs and the latest mobile gaming technology, complementing the rest of the property," Cantor Gaming President and Chief Executive Officer Lee Amaitis said in the news release.

Nevada gaming regulators recently approved the licensing of Leonard Green & Partners LP and TPG Capital as the majority owners of the Palms after the June restructuring of $459 million in debt. The 10-year-old property's developer and previous majority owner, the Maloof family, owns 2 percent of The Palms and has an option to acquire an additional 7.5 percent stake.