Palms Casino : On Sale / Sold / Partially Sold

stock01234 · Post #1 » by **stock01234** » Fri Jan 7, 2011 10:28 pm

http://www.sacbee.com/2011/01/07/330705 ... palms.html

First the beer distributorship.. now the casino.. kings..????????????????????????

YC42Balla · Post #2 » by **YC42Balla** » Fri Jan 7, 2011 11:09 pm

So what does this mean for Kings fans? Is this the end? Are they gonna sell the Kings franchise as well? Or are they doing this to keep the franchise? And focus on getting an arena built in Sac-Town?

One can only guess at this point in time... :dontknow:

RoyalCourtJestr · Post #3 » by **RoyalCourtJestr** » Fri Jan 7, 2011 11:36 pm

Holy crap, WOW.

rpa · Post #4 » by **rpa** » Fri Jan 7, 2011 11:37 pm

Possibly but there's a difference in the Palms vs. the Kings. Specifically that the Maloofs still have a giant loan in place they need to pay to keep the Palms and there were reports sometime last year (maybe earlier this year) that they were late on a payment for that. So in reality they own one (the Kings) but they're still paying off the other. It's entirely possible that they could sell the Kings in order to keep their stake in the Palms but the situations are a bit different.

SacKingZZZ · Post #5 » by **SacKingZZZ** » Sat Jan 8, 2011 12:01 am

Interesting indeed. You think times are tough in Cali, you should check out Vegas!

kombayn · Post #6 » by **kombayn** » Sat Jan 8, 2011 12:18 am

Honestly, I think the Maloof Family will sell the Kings or be forced to as well. They took all the credit they could from the NBA when David Stern allowed the teams to start taking credit for each of their teams that needed it. This was reported last year that they were in trouble and this may be CBA related but the NBA could end up buying the Kings too. SportsBusinessDaily.com reported that Chouset wants to buy the Hornets from the NBA but they're not doing it right now. I have a feeling the NBA, if the Maloof's completely are going broke right will have two teams in their hands and force the players hands by saying, "Look. Agree to our deal or we'll contract these two teams and end the entire season." The players will buckle under the pressure. The Maloof money troubles have been well documented and don't believe anything they say, they're in bad shape and I expect the Kings to be put up for sale soon after this Palms mess is over.

Post #7 » by **Wolfay** » Sat Jan 8, 2011 2:38 am

I'm not really worried. The Kings and Palm are separate. Joe and Gavin run the Kings, and George (the drunk) runs the Palms.

SacKingZZZ · Post #8 » by **SacKingZZZ** » Sat Jan 8, 2011 3:09 am

kombayn wrote:Honestly, I think the Maloof Family will sell the Kings or be forced to as well. They took all the credit they could from the NBA when David Stern allowed the teams to start taking credit for each of their teams that needed it. This was reported last year that they were in trouble and this may be CBA related but the NBA could end up buying the Kings too. SportsBusinessDaily.com reported that Chouset wants to buy the Hornets from the NBA but they're not doing it right now. I have a feeling the NBA, if the Maloof's completely are going broke right will have two teams in their hands and force the players hands by saying, "Look. Agree to our deal or we'll contract these two teams and end the entire season." The players will buckle under the pressure. The Maloof money troubles have been well documented and don't believe anything they say, they're in bad shape and I expect the Kings to be put up for sale soon after this Palms mess is over.

Not likely. They learned their lesson when they lost the Rockets years ago. They said they'd never sell and I doubt the Kings cause too much of a black mark in the grand scheme of things in relation to their profit/loss statement every month.

Where would that documentation be?

gold_leader64 · Post #9 » by **gold_leader64** » Sat Jan 8, 2011 3:13 am

Wolfay wrote:I'm not really worried. The Kings and Palm are separate. Joe and Gavin run the Kings, and George (the drunk) runs the Palms.

I'm pretty sure this is false. While those family members handle different aspects of the family business, I think it's all under the umbrella of Maloof Sports & Entertainment.

SacKingZZZ · Post #10 » by **SacKingZZZ** » Sat Jan 8, 2011 3:15 am

Sure it's not that simple, but I'm going to go out on a very short limb and say that the corporate entities are entirely different and in almost no way connected. In fact, I think that was one of the prefacing points in the article itself. That's how big business runs.

Post #11 » by **Wolfay** » Sat Jan 8, 2011 3:32 am

gold_leader64 wrote:
Wolfay wrote:I'm not really worried. The Kings and Palm are separate. Joe and Gavin run the Kings, and George (the drunk) runs the Palms.

I'm pretty sure this is false. While those family members handle different aspects of the family business, I think it's all under the umbrella of Maloof Sports & Entertainment.

The Kings and Palms are completely separate. I know the whole league would love to see the Kings disappear forever, but it ain't happening.