Nevada regulators Thursday approved the transfer of the Maloof family’s Palms Casino to its creditors.
The Maloofs, who own the Sacramento Kings, have just 2 percent of the Palms under the deal approved by the Nevada Gaming Commission.
The new majority owners are two investment firms that held the resort’s debt, Leonard Green & Partners and TPG Capital.
George Maloof will continue to run the Las Vegas property, which opened 10 years ago this week.
— Reported by Dan Kasler of the Sacramento Bee