<P> In its first year of eligibility, The Palazzo was awarded the AAA Five Diamond Award for 2009, and has been awarded the honor every year since . After 2014, The Venetian and The Palazzo no longer receive AAA Diamond awards, as the management has refused further AAA inspections . </P> <P> By 1949, the property was occupied by the Ottilia Villa Motel, the eight - room Park Lane Motel, and a restaurant named Maggie's . The Carousel Motel opened on the property in 1953, and the adjacent Park Lane Motel was incorporated into the Carousel around 1954 . The Ottilia Villa was renamed as the Spanish Trail Motel in 1957 . </P> <P> The Tam O'Shanter motel was built and opened in 1959, on 1.5 acres (0.61 ha) of the land . The motel was owned by Bernie Zeldin, and was named after Illinois' Tam O'Shanter Golf Course, where Zeldin frequently played . The motel had 100 rooms, and featured a distinctive neon sign resembling a tam o' shanter cap . The sign was later donated to the city's Neon Museum . The Spanish Trail Motel went out of business around 1960 . In 1962, it reopened as the Imperial 400 Motel . </P> <P> Zeldin declined numerous offers to purchase the Tam O'Shanter . Billionare Howard Hughes attempted to purchase the Tam O'Shanter at some point, initially offering $3 million . However, Hughes was late in delivering the money, and Zeldin subsequently raised the price to $6 million . When Hughes was late again in delivering the money, Zeldin called off negotiations . The Carousel Motel became the Sand Dunes Motel in 1973, and was demolished in 1998 . In 1990, the Imperial 400 became a Days Inn . In 1996, it became the Vagabond Inn . </P>

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