Report says Maloofs are struggling to keep Palms Casino resortPosted by Inside Hoops
Dale Kasler and Tony Bizjak of the Sacramento Bee report:
In a possible sign of fresh financial turmoil for the owners of the Kings, the Maloof family is reportedly struggling to hold onto the other key piece of its business empire: the Palms Casino Resort in Las Vegas.
Two private investment firms that hold most of the Palms’ debt are negotiating to acquire a controlling interest in the trendy casino, according to a report by Bloomberg news service.
The firms got into position to take control after the Palms violated the terms of its loans, Bloomberg reported.
George Maloof, who runs the Palms, and his brother Joe, who oversees the Kings, declined to comment on the report.
But the family acknowledges that the Palms has struggled in the past two years. George Maloof said last fall that the Palms was restructuring its debt.
“We’re getting through it,” he said.