George Maloof, part of the family that owns the Sacramento Kings, has replaced himself as president of the Palms Resort in Las Vegas, reports the Las Vegas Sun. The Maloofs recently revealed that they had lost majority control of the casino and hotel, going from an 85 percent stake in the resort to a 2 percent stake due to incredible debt issues. With the ownership restructuring, the Palms' board decided to hire a new president to take over for Maloof, who has run the Palms since it opened a decade ago.
George Maloof Replaced As President Of Palms Resort As Part Of Ownership Shake-Up
Maloof remains as chairman of the board, but his operations role has been significantly reduced in recent weeks.
The move comes as the Kings prepare for a huge free agency period; no NBA team has more cap space -- or has vowed more loudly to use it. The Kings picked up Jimmer Fredette in the 2011 NBA Draft and acquired John Salmons in a trade involving Beno Udrih to help shore up the small forward position. The Kings are said to be targeting a big man in free agency or via trade, but the impending NBA lockout could delay that splash.
Meanwhile, Kings fans remain concerned the Maloofs will follow through on their promise to spend.
For more on the Kings, visit Sactown Royalty.
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