Maloof optimistic on Palms’ future

The battle to save the Palms casino-resort "wasn't easy," but the Maloof family has a history of overcoming adversity, owner George Maloof says.

"We stood up; we didn't back down," he said Wednesday in a telephone interview.

"We had to write some checks a few years ago. We put some capital back in, and it wasn't easy," he said. "We could have walked away, but we believe in the people who work at the hotel and the brand."

He has lost ownership of the celebrity-driven hot spot he opened 10 years ago, during the 2001 recession. His partners, lenders TPG Capital and Leonard Green & Partners, each own 49 percent, leaving the Maloof family with
2 percent and the opportunity to buy back up to 20 percent.

"We're doing fine. May was the best month in three years," he said. "We feel pretty good about the Palms. We're in a great position for the future. We have no debt; we can do things that other places can't do.

"We have less ownership, but we're positioned in the best possible way," he added. "We have good opportunities to expand," including in and out of the market.

Maloof, 46, will continue to operate the property as chairman of the board, he said.

He was 16 when his father, George, died two years after buying the NBA's Houston Rockets. When his father's sisters chose to dismantle the family empire, the Maloofs sold the franchise in 1981, the year the Rockets reached the NBA finals.

In 1997, the family returned to the NBA ranks with the purchase of the Sacramento Kings

"We've had a lot of challenges, a lot of success," he said. "We're very proud. We took a lot of risks."

The family sold its massive Coors beer distributorship about two years ago for
$100 million-plus, a deal Maloof said was "misreported" because it had nothing to do the family financial situation. "That was in works for four years before," he said.

"Everybody's going through this crazy economy, the whole city, the whole state. You just work hard and keep pushing," he said.

THE SCENE AND HEARD

One of the NHL's most prestigious trophies was broken during the NHL Awards show Wednesday at the Palms. Media members were initially told country music star Dierks Bentley might have accidentally bumped into it backstage. But an official later said the trophy was broken in transit. Broken was a hockey stick attached to a figurine atop the Ted Lindsay award for most outstanding player. Vancouver's Daniel Sedin won the award. ...

Flamingo headliner Donny Osmond, a presenter of the Jack Adams Award for coach of the year at the NHL Awards show, slipped in a family zinger. He told the crowd he could relate to the players because "I spend my evenings with a hockey puck named Marie. It's a joke." The award went to Dan Bylsma of the Pittsburgh Penguins.

SIGHTINGS

The Gold & Silver Pawn Shop, better known as the home of the "Pawn Stars," showed up in a hilarious video during the NHL Awards show. The infamous Hanson brothers -- Steve, Jack and Jeff from the 1977 hockey film "Slap Shot" -- steal the Stanley Cup from the Palms and try to pawn it. Hilarity ensues with the "Pawn Stars" cast.

THE PUNCH LINE

"Winnipeg's in the house! Oh my gosh, you guys must be so excited with running water." -- Jay Mohr, host of the NHL Awards show on Wednesday night at the Palms.

Norm Clarke can be reached at 702-383-0244 or norm@reviewjournal.com. Find additional sightings and more online at www.normclarke.com. Follow Norm on Twitter @Norm_Clarke.