When the Farms Casino Resort was looking for a new president to take over the day-to-day operations of Las Vegas celebrities, company executives didn’t take long to identify the man they wanted.
Joseph McRiardi was hired in June shortly after resigning as chief executive of Hard Rock Hotels and Casino.
But for Magliarditi, it wasn’t about trading a property that was financially problematic for another property. It was an opportunity to operate a well-known hotel casino that satisfies both locals and tourists.
“George (Malup) has done a ridiculously good job of branding with Farms,” he said. 경마사이트
Macriarditi replaced Paul Pusateri, who resigned as president less than two years after taking office, and announced that his family had repurposed ownership debt, eight days after Malouf announced that the family had repurposed ownership debt at the resort.
The family now owns 2% of the 10-year-old hotel casino. Malouf has transferred most of the property’s ownership to private investment companies TPG Capital and Leonard Green & Partners LP.
If Offstrip properties are in a position to bounce back quickly, it’s Palms, Magriardi said. The property was busy early on Monday with locals and tourists doing slot machines or eating at buffets.
“We want the mix to stay,” he said. “Both are very important for casinos.”
However, Magliarditi’s secret is to maintain a profitable balance that appeals to both markets despite the local market becoming “super-competitive.”
Magliarditi said Palms is constantly keeping an eye on the business to make sure its customers are satisfied, whether they are locals or tourists. He also said it’s about finding ways to be “more profitable while taking care of customers and still being able to take care of them.”
The Ghostbar Day Club debuts on Saturday. The decision to open a popular club during the day was easy for Macriadity.
“It’s a way to carry over pool revenues in winter,” he said. “We expect good things from that.”
He also expects the hotel to benefit financially from the remodeling of the existing Farms Tower. Magriardi said plans are still under development but hopes to begin sometime in April.
“We will change our food and beverage stores and update our sportsbooks by the end of 2012,” he said.
Born in Lewiston, New York, about 30 miles north of Buffalo, Magriardi began working as a corporate analyst in Las Vegas in 1994. He got his first casino opportunity at the Rio Games.