In a deal with the casino and the Nine Group, Playboy will operate a nightclub, boutique casino and lounge, retail store and "sky villa" at the resort by early 2006.
"The Playboy lifestyle is a natural fit for Las Vegas, but the key for us has always been finding the right partners to fulfill the promise of our brand," said Playboy founder Hugh M. Hefner.
"We are particularly pleased to team with George Maloof and the Palms Casino Resort and the Nine Group, who have clearly demonstrated their abilities to create energetic and appealing entertainment venues."
Terms of the deal were not disclosed but Playboy said it expects to report a seven-figure revenue increase, starting in 2006, as a result of signing the long-term licensing deal.
Notable deaths of 2014 [PHOTOS]