Over 7,000 people including celebrities and VIPs tested their luck at the ultra-chic hotel and casino, which boasts such eclectic restaurants and entertainment venues such as Rain in the Desert, Little Buddha Cafe, and Ghost Bar.

Socialite Paris Hilton arrived to the event Thursday night wearing a Cornell Collins-designed corset and gown, inlaid with $1 million worth of gaming chips. Italian painter Filippo Ioco exhibited his artwork -- an interpretation of the Palms' atmosphere painted on nearly nude models stationed throughout the casino.

Located on Flamingo Road, a half-mile west of the Strip, the Palms is Las Vegas' first boutique hotel, with 455 deluxe, oversized rooms, plus:

-- A 95,000 sq. ft. casino with the most comprehensive Race &

Sports Book in Las Vegas, complete with the "Sports Express"

drive-up window to place bets.

-- Brenden Theatres is a 14-screen plush theater Cineplex with

couple's loveseats.

-- Little Buddha Cafe from Paris, Nine from Chicago, the Blue

Agave Oyster and Chile Bar with more than 350 margaritas and

150 tequilas, Ghost Bar, an indoor-outdoor lounge on the 55th

floor with a 275-degree view of the glittering skyline.

-- Rain in the Desert is a multi-level, nightclub/concert venue

with a computer-programmed river of water, private booths with

water sofas, skyboxes with private booths with water sofas,

skyboxes with private balconies, and flames shooting down from

a ceiling superstructure at dancers below.

-- Spa at the Palms is a 20,000 sq. ft., three-story spa

featuring candlelight Yoga classes, Botox/Collagen parties,

and more than 20 types of fun and fruity body treatments.

Palms Casino Resort, opening Nov. 15, marks the newest project for the Maloof family, who manage successful business ventures in the fields of banking, hotels, and sports. The Fiesta Casino, developed by the Maloofs in 1994, enjoyed two expansions and financial success under the operation of George Maloof.

Station Casinos Inc. purchased Fiesta. Brothers Gavin and Joe oversee Maloof Sports Inc., whose holdings include the Sacramento Kings of the NBA and the Sacramento Monarchs of the WNBA. Both franchises have thrived under their direction. The Maloof family, originally from Albuquerque, N.M., consists of matriarch Colleen and five siblings: Joe, Gavin, George, Adrienne, and Phil.