Dana White Said No More UFC at the Palms for Cutting his Credit Line

[EmpireWF]

What are reasons for cutting credit at a casino?

A falling-out with UFC president Dana White is the latest setback for the hard-hit Palms, sources confirmed Sunday.

The blowup occurred about six months ago when White, furious that his credit line was cut in half, pulled all UFC-related events from the Palms and has not returned.

Sources said White immediately informed Palms president Joe Magliarditi he was severing all ties. Magliarditi was hired a year ago to rebrand the hotel, after the Maloof family lost 98 percent of its ownership when the recession ravaged the city.

The UFC had an exclusive contract with the Palms to hold televised "Ultimate Fighter Live Finale" events at the hotel as well as local UFC fights.

One of the Palms' biggest gamblers since it opened 11 years ago, White's tipping habits were legendary.

"He changed people's lives," said one of the sources.

Dealers and wait staff were among the hardest hit by White's departure. During one two-month hot streak, White tipped dealers more than $100,000, sources confirmed.

"Anytime he came in, we knew it was a big payday," a Palms employee said.

A regular at N9NE Steakhouse, White routinely ran up dinner tabs of $15,000-$20,000 and tossed in $10,000 tips. That happened three or four or times a week, the sources said.

"He rarely accepted comps, not just at the Palms but all over Vegas," one source said.

Reached by telephone, White declined comment. A Palms rep did not respond by deadline.

http://www.lvrj.com/news/ufc-s-white-cuts-ties-to-the-palms-176221331.html?ref=331

 

[Warner2BruceTD]

Very professional of him, ruining a business arrangement because his personal credit line was cut in half.

The only reason they would do this is if he was behind on payment. He can tip all he wants, but that doesn't mean shit if he isn't paying his tab.

 

[Saluki]

I don't know what people are surprised about. Dana White is not the picture of mature business practices.

Sent from my HTC myTouch 4g using Tapatalk 2

 

[Warner2BruceTD]

FrontRowBrian says rumor has it that Bellagio also cut Dana's marker months ago.

He must be a real deadbeat. These places aren't going to cut a big time high roller like that otherwise.

 

[Steel Mamba]

IF he's tipping 100k I doubt he's not paying the bills. Another report said they had to cut his line due to business being slow.

 

[SuperKevin]

Pretty soon it's going to be UFC180 live from Maryland LIVE in Arundel Mills Mall

 

[BigBiss]

at lest they are not running Eagles Clubs or Kights of Columbus halls

 

[LiquidLarry2GhostWF]

IF he's tipping 100k I doubt he's not paying the bills. Another report said they had to cut his line due to business being slow.

They still wouldn't cut his credit if he's paying his bills.

I'm not saying he's a deadbeat, but it sounds like he's a little behind on the payments.

 

[ThomasTomasz]

at lest they are not running Eagles Clubs or Kights of Columbus halls

There is one close to me that is for sale, so Dana could have all the credit he wants if he buys it.

 

[SuperKevin]

There is one close to me that is for sale, so Dana could have all the credit he wants if he buys it.

Buy it and turn it into a VSN meeting hall

 

[Warner2BruceTD]

They still wouldn't cut his credit if he's paying his bills.

I'm not saying he's a deadbeat, but it sounds like he's a little behind on the payments.

If Dana is paying points on the money, and he is paying on time, there is no way they cut his marker. Why on earth would they do that lol?

Now, if Dana was getting point free loans, and the place is losing money, I can see them cutting him off. But if that's the case, he's a real asshole for pulling his business arrangement based on that. The casino has a right to try to make money ffs.

Besides, im sure The Palms will survive without those massive 2k crowds that the TUF Finales draw twice per year, lol. Just book Maroon 5 or Kylie Minogue or whoever won American Idol last for those two dates.

 

[Cornelius]

This is just completely unbelievable to me. I can't understand White or Lorenzo for that matter.

 

[Point Blank]

Pretty soon it's going to be UFC180 live from Maryland LIVE in Arundel Mills Mall

Id be fine with that, I love that mall. :rofl:

 

[EmpireWF]

Meltzer from the Observer...

The Las Vegas Review-Journal ran a story saying that the reason UFC no longer runs shows at The Pearl at the Palms Hotel in Las Vegas, and their smaller shows (both Strikeforce events and UFC events such as the Ultimate Fighter finals) were moved to the Hard Rock was because Joe Magliarditi, the Palms President, cut his credit line by 50% and he blew up. This all happened several months ago although the version of the story I heard at the time was very different. I was told that the Maloofs, who used to own The Palms, before they lost it when the hotel was losing tons of money during the recession that killed a lot of Las Vegas hotel owners, had a sweetheart deal with UFC for running there. I don’t know all the details but it included the hotel agreeing to buy a certain number of tickets to the shows with the idea having the show there would get fans and bring attention to the property. Very few people actually purchased tickets for those shows. Magliardti saw that deal, supposedly ran the numbers and felt it wasn’t worth it and wanted to restructure it. UFC was still welcome, but it would be treated the same as anyone else who wanted to run at the Pearl. UFC then took its business back to The Hard Rock, where they had been running those type of shows before moving to The Palms when the Maloofs cut their deal. The last time they ran was 6/1 for the TUF finals. The story in the newspaper talked about how when White was on a hot streak, he was a ridiculous tipper, noting that at one point over a two-month period he tipped dealers, waiters and waitresses at the hotel more than $100,000. He regularly ate at N9NE Steakhouse, taking out guests and having $15,000 to $20,000 tabs and paying $10,000 in tips, and he would do this multiple times per week. There have been stories of people who have been out with White when he’s gambling and he could be up or down several hundred thousand in one night. Also, from friends in Las Vegas, when White shows up anywhere in Las Vegas, the valets fight over who gets to park his car because he’s known all over the city for being a monster tipper.

So, the story as Dave was told....nothing to do with Dana's betting habits. It's about the new management at the Casino/Hotel wanting out of the previously agreed upon deal where the Hotel would buy a bunch of tickets to UFC cards and basically take a loss. When they wanted out, Dana took the UFC/SF to the Hard Rock where they may have that same deal.