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Old 06-18-2011, 05:05 PM   #2
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Default Re: Maloofs give up controlling interest in Palms casino hotel

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. sacramento Bee

In an interview late Thursday, Maloof said the family could regain a more significant share up to 20 percent under buyback options granted by the creditors who are taking control. The Maloofs' stake in the Palms has direct relevance to its stewardship of the Kings. While the two are operated as separate companies, the Maloofs' overall financial health affects how much money the family can plow into the Kings as the team enters a crucial offseason. sacramento Bee
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