George and Gavin Maloof have sold their controlling interest in the Palms Casino, Dale Kasler of The Sacramento Bee reports. The move reportedly has significantly helped the Maloofs improve their financial situation significantly.
The Maloofs recently tried to move the Sacramento Kings to Anaheim after claiming they could no longer make a profit in the aging Power Balance Pavilion (the former ARCO Arena). The problem was made worse by the struggles the Maloofs were having with their casino and other ventures.
The recession hit them hard and with the Kings playing in an old arena — built in 1988 — and struggling on the court, the Maloofs were one of the owners who could legitimately claim major financial losses.
Again, this helps the Maloofs and may enable them to contribute more to whatever arena plan the city of Sacramento decides on. The Maloofs gave Sacramento another year to figure out how to finance a new arena. Nobody knows how much the Maloofs will be able to contribute, even after selling their controlling interest in the casino, or whether Sacramento will approve of an arena plan.
George Maloof said this move puts them in better financial position and that the Vegas casino industry is bouncing back. It should help put more money in the Maloofs’ pocket which could give Sacramento a deeper breath of life in keeping its NBA team.
And that should be a good sign for Kings fans.
Photo via DayLife.com.