Phil Maloof seeks $15 million for flashy Las Vegas penthouse

Former New Mexico state Sen. Phil Maloof is hoping to hit the jackpot in Las Vegas. His high-rise penthouse, which overlooks the Strip from the 59th floor of Palms Place, is on the market for $15 million.

The mammoth price tag is still a shadow of what he sought five years ago, when he asked $38 million for the home and offered to throw in Pablo Picasso paintings and a two-year lease on a Lamborghini.

Accessed by a private elevator, the condo spans roughly 25,000 square feet of indoor and outdoor spaces, including a massive rooftop deck with a spa, 30-foot movie screen and panoramic views of the city.

Inside, three bedrooms and five bathrooms fill out 6,230 square feet of modern living spaces. There’s a living room with a 30-foot fireplace, a formal dining room, a center-island kitchen, wet bar, office, DJ booth and gym.

Walls of glass surround the master suite, which expands to a lounge and wraparound balcony.

Palms Place sits right next door to the Palms Casino Resort, which was opened in 2001 by the Maloof family. Amenities include valet, concierge services, a Turkish-style hammam and a 50,000-square-foot spa and fitness center.

Ivan Sher of Berkshire Hathaway HomeServices Nevada Properties holds the listing.

The Maloof family has deep ties to Las Vegas. They’re minority owners of the Vegas Golden Knights NHL team and have opened two casinos in the city: the Palms Casino Resort and Fiesta Rancho.

jack.flemming@latimes.com | Twitter: @jflem94