Blog Entry

Kings' Maloofs to sell Palms Casino stake

Posted on: June 19, 2011 8:07 pm
Edited on: June 20, 2011 9:52 am
  •  
 
The Maloof family, owners of the Sacramento Kings, will sell their majority stake of the Palms casino. Posted by Ben Golliver. palms-casino

Everything you thought you knew about the financial troubles for the Maloof family, owners of the Sacramento Kings, just got confirmed in a major way.

The Sacramento Bee reports that the Maloofs are about to lose majority control of the crown jewel of their portfolio, the luxurious Palms Casino in Las Vegas, and are barely holding on to any stake.
The Maloof family will soon own just 2 percent of the Palms Casino, its trendy Las Vegas property, according to regulatory documents filed in Nevada.

The revelation comes just days after George Maloof, who runs the resort and is a co-owner of the Sacramento Kings, confirmed that his family had given up majority control of the casino and hotel, on which it spent about half a billion dollars over the past decade. At the time, he would not specify the size of the family's remaining ownership stake.
The paper notes that the new deal relieves the Maloof family of its debt burden and that the family can potentially buy back in.

The Palms was originally constructed in 2001 with a second tower opening in 2005. Soon after, a national economic recession took place and Las Vegas, which relies heavily on tourism, was hit hard.

The family has made a number of other moves recently to cut back on their holdings. In 2009, the Maloofs sold their beer distributing firm. Also in 2009, they folded their WNBA team and made staff cuts with the Kings.

The Maloofs attempted to move the Kings to Anaheim this year, but the move was met with resistance from Sacramento fans and, ultimately, the NBA. The Maloofs pledged to keep the Kings in Sacramento for another year while efforts to finance a new, more profitable arena continue.
  •  
Category: NBA
Comments

Since: Jun 22, 2011
Posted on: June 22, 2011 10:19 am
 

Kings' Maloofs to sell Palms Casino stake

you nailed it man.  I totally agree with ya



Since: Jun 22, 2011
Posted on: June 22, 2011 10:16 am
 

Kings' Maloofs to sell Palms Casino stake

Totally agree with ya on that.  It was never the same here in Albuquerque after George Maloof Sr. died and Colleen and the boys started running all their businesses.  The other family members got pushed out and it was all for Colleen and the boys after that.  The entire attitude changed. 



Since: Jan 15, 2007
Posted on: June 20, 2011 8:36 pm
 

Kings' Maloofs to sell Palms Casino stake

couldn't happen to a better group of guys!  They are complete clowns.




Since: Apr 2, 2011
Posted on: June 20, 2011 3:12 pm
 

Kings' Maloofs to sell Palms Casino stake

Number One cause of bankruptcy:  Owner's kids taking over the family business.



Since: Apr 2, 2011
Posted on: June 20, 2011 3:11 pm
 

Kings' Maloofs to sell Palms Casino stake

Number One cause of bankruptcies:  Kids taking over the family business.



Since: Jul 29, 2009
Posted on: June 20, 2011 2:00 pm
 

Kings' Maloofs to sell Palms Casino stake

Keep your chins up boys; I understand Mo Green has a position as co-directors of food and beverage @ Circus Circus waiting for you. Talk about karma. The 2 oldest dummies are more interested in being on national sports talk radio and chillin' with Paris and Britney than doing anything positive for any community. Speaking of Mo Green, that shameless extortion attempt to get Sacramento to build you clowns a playpen is only matched with your proclomation that "it's all about the fans". No way Jose; it's all about everyone else ponying up to please you spoiled brats. Your dad was a great business mind, but he also worked his butt off. Unfortunately, you clowns don't do either.


The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com