George Maloof on Kings, Palms, Arena, and Beverly Hills

[Mike0476]

George Maloof discussed the arena issue, filing for relocation, Measures Q & R in 2006, downtown location of new arena, etc.

http://blogs.sacbee.com/sports/kings/archives/2011/06/george-maloof-o.html

 

[Mike0476]

Ailene Voisin: A Maloof warms to the task

"But that's only because I didn't realize there was that much interest still in Sacramento," George Maloof said last week at the Palms Casino Resort. "I thought maybe the town had given up."

"Initially, my hesitation about staying was this: You can't ask people who are struggling in this economy for something," Maloof said. "I had a hard time with that. Philosophically, I really did. But the mayor (Kevin Johnson) did a great job helping me believe it was better for the community to build an arena, and convinced me that we should have one. He is on a mission, man, and that grass-roots movement … all those fans."

He offers a half-laugh, shakes his head.

"As we sit here today, we don't have a deal," he said. "But I believe we have a better shot now than at any time. The energy, the will. I didn't know it was still there. We have to get something done. We just have to."

http://www.sacbee.com/2011/06/21/3715478/ailene-voisin-a-maloof-warms-to.html

 

[Capt. Factorial]

"We're moving to Anaheim!" - A whiny George Maloof, on a conference call with the league owners, after being told that the NBA did not support relocation for the Kings at this time.

"No." - A petulant George Maloof, outside of the annual owners' meeting in 2011, when asked if he thought Sacramento would ever get another team if the Kings left. Not "Perhaps someday", not "I hope so", not "Once they get the arena situation sorted out, they're a great basketball town, so I don't see why not". "No."

This man is not our friend. He is not warming to the idea of staying in Sacramento, he is making lemonade out of the bitterest lemons he has ever been given. To pretend otherwise may be helpful in the arena effort, but it is just that: pretense. I, for one, am unlikely to forget.

 

[JB_kings]

I thought some of his comments were telling. It's almost like he trying to whip up the debate with comments about Natomas and how he feels bad asking the public for money. And for someone who said Q & R failed in 2006 because too much was put out into the media, then why try and do the same here?

And most of his responses just show arrogance. They puposely ignored the Kings while they mismanaged all their other business and then insisted on moving the Kings after all their other business ventures took a nose dive.

George Maloof is no friend of Sacramento and it worries me now that he has too much of a role in the future of the franchise in Sacramento. I think he needs to go back to running the Palms and let the NBA take the point on the arena negotiations.

 

[funkykingston]

"we're moving to anaheim!" - a whiny george maloof, on a conference call with the league owners, after being told that the nba did not support relocation for the kings at this time.

"no." - a petulant george maloof, outside of the annual owners' meeting in 2011, when asked if he thought sacramento would ever get another team if the kings left. Not "perhaps someday", not "i hope so", not "once they get the arena situation sorted out, they're a great basketball town, so i don't see why not". "no."

this man is not our friend. He is not warming to the idea of staying in sacramento, he is making lemonade out of the bitterest lemons he has ever been given. To pretend otherwise may be helpful in the arena effort, but it is just that: Pretense. I, for one, am unlikely to forget.

qft

 

[Section 101]

I thought some of his comments were telling. It's almost like he trying to whip up the debate with comments about Natomas and how he feels bad asking the public for money. And for someone who said Q & R failed in 2006 because too much was put out into the media, then why try and do the same here?

And most of his responses just show arrogance. They puposely ignored the Kings while they mismanaged all their other business and then insisted on moving the Kings after all their other business ventures took a nose dive.

George Maloof is no friend of Sacramento and it worries me now that he has too much of a role in the future of the franchise in Sacramento. I think he needs to go back to running the Palms and let the NBA take the point on the arena negotiations.

Quick ! Name one business the Maloofs have been successful in running?

 

[Capt. Factorial]

Quick ! Name one business the Maloofs have been successful in running?

The beer distributorship?

 

[pdxKingsFan]

The Palms deserves credit for its successes as well as its failures. They turned a low budget off strip property to a Vegas destination for 5 years. In a town where bigger and better pops up every 3-6 months that is no small feat.

 

[Section 101]

The beer distributorship?

And what happened to it?

 

[Section 101]

The Palms deserves credit for its successes as well as its failures. They turned a low budget off strip property to a Vegas destination for 5 years. In a town where bigger and better pops up every 3-6 months that is no small feat.

I would saying now owning only 2% would be a failure. It doesn't matter what happened in the past if it was doing well. What is it doing now and what happened to their investment?

 

[pdxKingsFan]

I would saying now owning only 2% would be a failure. It doesn't matter what happened in the past if it was doing well. What is it doing now and what happened to their investment?

They chose to expand at an unfortunate time and got wiped out, I am not exempting them from that. But it ate up a lot of good business people as well. Without the depression they probably would have been ok.

My dad had a restaurant chain that was very popular in the 70s and 80s that ultimately was shuttered in bankruptcy in the early 90s. It provided a very nice living for the family for 20 years until the end. I would not consider him a failure. Most businesses eventually close. All great empires see their sunsets and many military masterminds were killed in battle or by their subjects yet we still give them credit for their accomplishments.

 

[Section 101]

They chose to expand at an unfortunate time and got wiped out, I am not exempting them from that. But it ate up a lot of good business people as well. Without the depression they probably would have been ok.

My dad had a restaurant chain that was very popular in the 70s and 80s that ultimately was shuttered in bankruptcy in the early 90s. It provided a very nice living for the family for 20 years until the end. I would not consider him a failure. Most businesses eventually close. All great empires see their sunsets and many military masterminds were killed in battle or by their subjects yet we still give them credit for their accomplishments.

Yes, but add in their other business ventures and you have a pattern.

 

[pdxKingsFan]

Yes, but add in their other business ventures and you have a pattern.

As far as I am aware all of their financial woes are tied to the Palms and the depression. Presumably the BevCo was sold at a tidy profit, it may have been the wrong decision if they dumped 100% of the proceeds back into the Palms (which is speculation) but it was running profitably. I have heard that the Maloof Money Cup is expanding this year so they seem to be having success with that.

Do I think that they are geniuses who can build empires from scratch? No. Am I worried that they may be in the bottom 10-20% of NBA owners in terms of asset flexibility and its effect on the team. Yes. But they aren't complete buffoons either even though at times I'd like to think so.

 

[Section 101]

As far as I am aware all of their financial woes are tied to the Palms and the depression. Presumably the BevCo was sold at a tidy profit, it may have been the wrong decision if they dumped 100% of the proceeds back into the Palms (which is speculation) but it was running profitably. I have heard that the Maloof Money Cup is expanding this year so they seem to be having success with that.

Do I think that they are geniuses who can build empires from scratch? No. Am I worried that they may be in the bottom 10-20% of NBA owners in terms of asset flexibility and its effect on the team. Yes. But they aren't complete buffoons either even though at times I'd like to think so.

The money cup is hurting from what I heard. I doubt they are making any money from it. It's more for the scene and the publicity.

Their music promotion company went under.

So where excatly are they getting money from these days?

 

[pdxKingsFan]

I don't know where they get their money, obviously they still have sizable investments in Wells Fargo that will keep them all living comfortably for another generation or two. Its really not my intention to defend them.

I just took issue with the statement that they have no business sense because if you spent a lot of time in Vegas as I did in the late 90s/early 2000s it was hard not to be impressed by what they did. It does not happen by accident and a lot of bigger players wiped themselves out during the boom years and got swallowed up by Harrah's and MGM. Like I said, credit where it is due. I choose not to harp on their losses because their situation was hardly unique.

 

[BMiller52]

Eh I wouldnt trust the Maloof bros as far as I could throw them now. Considering they are somewhat out of shape middle aged men, I probably couldn't throw them very far. So I trust them even less haha.

 

[Section 101]

I don't know where they get their money, obviously they still have sizable investments in Wells Fargo that will keep them all living comfortably for another generation or two. Its really not my intention to defend them.

I just took issue with the statement that they have no business sense because if you spent a lot of time in Vegas as I did in the late 90s/early 2000s it was hard not to be impressed by what they did. It does not happen by accident and a lot of bigger players wiped themselves out during the boom years and got swallowed up by Harrah's and MGM. Like I said, credit where it is due. I choose not to harp on their losses because their situation was hardly unique.

But we really dont know that they were profitable. Sure it may have been glamour etc and people there, but was it making any money? Anyone remember America Live downtown? Had the people but didnt make any money.

 

[Capt. Factorial]

And what happened to it?

You know perfectly well what happened to it. Your response makes it sound like you think I was defending the Maloofs' business acumen. I wasn't. I was merely answering your question with the only example that seemed reasonable.

 

[Section 101]

You know perfectly well what happened to it. Your response makes it sound like you think I was defending the Maloofs' business acumen. I wasn't. I was merely answering your question with the only example that seemed reasonable.

Oh, not at all ! They sold the only money maker they had and the business that started it all.

 

[fansinceday1]

For me the bottom line on the maloofs is they have no business being sports owners. As of today they do not have the money to keep a team here in sacramento. They have to go to Anaheim to give them any chance whatsoever of holding on to the Kings.

I don't care what the maloofs did last decade, as of today they are business FAILURES. They have lost their grandfathers and fathers empire and they are barely holding onto the kings. Is there any reason to be positive about the kings staying here if the maloofs are gonna continue to be the owners? I think the maloofs continuing to be owners all but dooms our chances of keeping the kings here in sacramento.

 

[pdxKingsFan]

But we really dont know that they were profitable. Sure it may have been glamour etc and people there, but was it making any money? Anyone remember America Live downtown? Had the people but didnt make any money.

A casino that size when busy pulls in a million a day on the casino floor alone and most of the clubs and restaurants were priced for profit not just to bring people in. I think they were doing quite fine, especially considering the build costs were 25-33% of the standard strip casino at the time. Where they really did themselves in was mingling it with the condo project. That was DUMB. Ill-timed as well, but just dumb because even in a good economy condos are a risk.

America Live was when I lived in Boston, if I understand what happened it was more like a fad that did well for a 6 months to a year and then everybody stopped going. I do know that when I was at school everyone was talking about it, 9 months later nobody gave a crap but it was still there. They all wanted to go to the Rage or some other dumb place where parking was free and there were less cops around waiting to pull you over once you got on the street.