The Maloof’s Palms Hotel & Casino

• Author: admin
• Filed under: captain of industry, men
• Date: Jan 7,2008

The Maloof family is living the dream. They own everything that is cool from professional sports teams to a Vegas hotel and casino. They are everything we envy and their absurd and covetous possessions are too many to be listed.

Maloof family bio…

In just seven years, the Maloof family has guided the Sacramento Kings and Monarchs as well as ARCO Arena to unparalleled heights. Under the family’s leadership, the Kings and Monarchs have advanced to the NBA and WNBA Playoffs, respectively, and produced entertaining basketball that has been seen around the world. The Kings have recorded 50-plus regular season victories each of the past five years, won back-to-back Pacific Division titles in 2001-02 and 2002-03, and advanced to the 2002 Western Conference Finals. This past summer the Monarchs won their first WNBA championship, defeating the Connecticut Sun in the Finals. Even more impressive than the company’s competitive accomplishments has been Maloof Sports and Entertainment’s significant impact within the community. The Maloof family’s business philosophy strongly incorporates the idea of making a meaningful difference in the lives of those in need and at risk in the community by working to advance the cause of literacy in the region through the donation of Kings Reading and Learning Centers.

The Maloofs also donate $100,000 in proceeds from a selected Kings preseason game each year to assist area capital improvement projects as a tribute to the family’s late father and husband under the name of the George J. Maloof Sr. Community Cup. In the past, the annual $100,000 gift has allowed the Sacramento Airport Little League to completely refurbish its little league sports complex, the Sacramento Unified School District to repair a building in downtown Sacramento to house Hemispheres, an after-school visual and performing arts academy, the Sacramento Asian Sports Foundation to bring a Community Cultural and Youth Sports Center to South Sacramento, the St. Patrick’s Home for Children to provide clothing and educational resources for the center’s children, and the Cathedral of the Blessed Sacrament to make repairs to its structure in downtown Sacramento. This year’s donation is assisting with the Sacramento Local Conservation Corps campaign to raise funds for a new Educational Building.

The family’s dedication to community service earned Joe and Gavin Maloof the World Sports Humanitarian Hall of Fame’s Most Involved Executives award for 2001. In addition, the organization’s work was recognized with the Pro Team Humanitarian Award in both 2002 and 2004.

This summer the Kings, Monarchs, and Maloofs helped lead the charge in Sacramento to assist those affected by the destruction suffered from Hurricane Katrina in the Gulf Coast region. Through on-line auctions, fan, employee, and player donations, and a 100% matching donation from the Maloofs, the organization helped raise nearly $300,000 for those in-need.

Striving toward the goal of providing complete customer and employee satisfaction, Maloof Sports and Entertainment works under the mission statement of “a championship caliber team of people committed to the highest level of performance, service, quality, innovation, community involvement, and winning relationships.” “Our family lives by two Maloof business philosophies, cater to our customers and take care of our employees,” states Joe Maloof. “We have a long-term commitment to our fans and employees that make the entire Sacramento community proud to call this organization their own.”

The Kings and Maloof Sports and Entertainment continue to explore ways to enhance the entertainment value of the nearly two million guests who annually enter through the ARCO Arena gateways. In the 2000- 2001 operating budget, the company earmarked $1 million for training, services, and equipment designed to improve customer service and satisfaction. The investment paid immediate dividends, as the Kings ranked first in the NBA in overall fan experience in 2001 and 2003 in a league-wide survey conducted every other year by J.D. Powers and Associates.

The Maloofs’ strong leadership and innovation in the NBA and WNBA was instrumental in spearheading Las Vegas’ successful bid to host the 2007 NBA All-Star Weekend. Marking the first time a non-NBA city has hosted the event, the Las Vegas Convention and Visitors Authority (LVCVA) and Maloofs promise the Entertainment Capitol of the World will put on an All-Star Weekend show in a grandiose fashion.

The Maloof family’s interest in purchasing the Kings, Monarchs, and ARCO Arena originated in 1997 when they contacted then-Managing General Partner Jim Thomas regarding the availability of the teams and arena. On January 14, 1998, the Maloofs completed the purchase of a minority limited partnership in the organization’s franchises and ARCO Arena. Although both the Kings and Monarchs suffered through subpar seasons in 1997-98, the Maloofs continued their pursuit of primary ownership and on January 15, 1999, subsequently purchased controlling interest, effective July 1, 1999. The NBA Board of Governors unanimously approved the ownership transfer on May 7, 1999, in New York, at which time the Board of Governors appointed Joe Maloof to the Board. The official closing of the ownership transaction took place on July 1, 1999.

Their purchase of the Kings returned the Maloofs to the NBA after a 17-year absence during which the family eagerly pursued an opportunity to rejoin the league. Owners of the Houston Rockets from 1979 through 1982, the Maloofs watched their Rockets rise to elite status, advancing to the NBA Finals for the first time in the team’s history in 1981. Following the death of their father, George Maloof, Sr., in 1980, Joe and Gavin Maloof, who were only in their mid-20’s at the time, took over responsibility for the Rockets along with their mother, Colleen, their two younger brothers, George, Jr. and Phil, and their sister, Adrienne. The added responsibilities of continuing the growth of the family business forced the Maloofs to sell the Rockets in 1982, but George Maloof’s original passion for NBA basketball has remained with the family.

“We waited a long time to get back into the NBA. I remember going to the NBA Finals with the Rockets in 1981, and how exciting that was. We have succeeded in bringing that excitement to Sacramento with the Kings and the Monarchs,” Gavin Maloof stated.

A 100-Year Model for Diversified Business Success

The Maloof Companies are a diversified group of business ventures including hotels, casinos, banking, food and beverage, and transportation headquartered in Albuquerque, New Mexico and operated in California, Nevada, New Mexico, and Colorado.

In 1994, the family made a $10 million investment in a small piece of property in North Las Vegas, building the quaint 30,000-square foot, 100-room Fiesta Casino Hotel. After a pair of expansive renovations, the 75,000-square foot Fiesta became one of the most profitable hotel casinos per square foot in the entire state of Nevada. In fact, in an August ‘99 edition of the USA Today, the Fiesta Casino Hotel was voted one of the world’s 10 greatest gambling destinations, ranking with the likes of the Bellagio and Caesars Palace in Las Vegas and the Trump Taj Mahal Casino Resort in Atlantic City.

In July of 2000, the Maloof family sold the operating interest in the Fiesta Hotel Casino for over $185 million. The family immediately re-invested the money into the construction of the Palms, a $285 million hotel casino just off the Las Vegas strip with a 42-story tower and 447 guestrooms. The Palms, which opened for business on November 15, 2001, features outstanding customer service, unique architecture, and awardwinning restaurants, entertainment, nightlife, and amenities. In just four years of operation, the Palms has become the hottest property in Las Vegas with thousands of visitors daily. The Palms is currently undergoing an expansion that will include additional rooms and amenities for use later this year.

In addition to their gaming business, the Maloofs have exclusive proprietorship rights to the distribution of Coors, Miller, Corona, Heineken, Tecate, InBev, Boston Beer, and Guinness products throughout New Mexico. The Maloof Companies also is one of the largest single shareholders in Wells Fargo Bank, which operates banks and branches in 23 states throughout the Western United States with over $200 billion in assets and 15 million customers.

The Maloofs are in the process of expanding their business in the entertainment industry with the development of Maloof Productions and Maloof Music. Maloof Productions is committed to developing and producing quality television and motion picture entertainment. The Maloof Music label debuts as a joint venture with Interscope/Geffen/A&M Records, which is the largest record company in the world under the direction of chairman and legendary music mogul Jimmy Iovine. In fact, Maloof Music is the first joint venture with Interscope/ Geffen/A&M without a previous music industry background such as an artist, writer, or producer.

“Our family is extremely excited to broaden our entertainment interests through Maloof Productions and Maloof Music. We look forward to producing quality entertainment in television, motion pictures, and music,” states Phil Maloof.

Colleen Maloof serves as Chair of the Board of Directors of the Maloof Companies. Joe Maloof is president of the corporation and oversees the banking and sports and entertainment divisions, while Gavin Maloof is vice chairman, also leading the sports and entertainment daily operation. George Maloof, Jr., is an executive vice president and heads the hotel division, and Adrienne Maloof is the secretary/treasurer of the company. Phil Maloof is an executive vice president and the point person for Maloof Productions and Maloof Music.

The Maloof family history in the United States dates back to 1892 when Joe Maloof I opened a small general store in northern New Mexico. By the 1930’s, the Maloof family acquired the distribution rights to Coors Beer and subsequently established Quality Imports, a wholesale fine liquor distribution center, in 1937. When Joe Maloof I suffered a major heart attack in 1944, his son, George J. Maloof, left his studies at the University of Colorado to assume responsibility of the Maloof Companies at the age of 21.

George J. Maloof successfully expanded the family business into a group of diversified companies, moving into the hotel and banking sectors in the 1970’s. In 1978, responding to his love for sports and competition, Maloof purchased the majority ownership of the Rockets. However, just two years later during the Rockets’ rise to the upper echelon of the NBA, Maloof passed away at the age of 57. His wife, Colleen, assumed control of the entire Maloof operation and rather than selling off the company assets, she enlisted the assistance of her five children. Under Colleen Maloof the family expanded their beer and liquor distribution operations and later opened their first gaming property in 1992. From 1990 to 1992 the family also owned the Birmingham Fire of the World League of American Football.

In the 100-plus years that have defined the Maloof Companies, customer service and a strong work ethic combined with energy and vision are the qualities that have built this one-time general store into a business model for diversified success.

“From the days of my grandfather’s general store to our entire operation now, the Maloof family business philosophy always has been centered around complete customer and employee satisfaction. In Sacramento, the fans are our customers and providing a great experience for them is our goal,” says Gavin Maloof.

A former senator for the state of New Mexico, Phil was one of the youngest elected officials in the country, appointed to the New Mexico State Senate following the election of Mayor Martin Chavez, and subsequently re-elected to a full four-year term from his west Albuquerque district in 1996, before running for U.S. Congress in 2000.

Phil was known for his tough stance on crime while representing New Mexico, becoming the first state senator in the country to sponsor the Three Strikes, You’re Out law, in addition to helping pass several bills aimed at improving school funding.

An outstanding all-around athlete, Phil played quarterback collegiately at New Mexico State, before earning his post-secondary degree from the University of New Mexico.

Phil resides in Las Vegas and also has a home in Los Angeles, where he works to develop Maloof Productions and the Maloof Music label. In addition, he assists in the other Maloof family businesses, including the Sacramento Kings and the Palms hotel and casino property. He enjoys playing basketball and traveling in his spare time.