EmKingsFan4
Starter
I think Kings fans should stay for free! 
Wha'dya say Joe and Gavin? Hope I put this article in the right thread! I have the worst luck with that!!
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Maloofs boost Vegas presence
$600 million project comes amid drive for new Kings arena.
By Clint Swett and Jon Ortiz -- Bee Staff Writers
Published 2:15 am PST Friday, March 4, 2005
The Maloof family this week took the wraps off a lavish $600 million expansion of their Palms Casino Hotel in Las Vegas that will include 347 new hotel rooms and suites, as well as 599 luxury condos that will sell for as much as $7 million each.
The announcement comes as Sacramento city officials and private investors struggle with how to finance a new arena for the Maloof-owned Sacramento Kings, which could cost as much as $400 million.
Kings officials have balked at putting a dollar figure on what they are willing to spend on the arena project, while insisting they need a new facility to remain financially competitive in the NBA.
But George Maloof, president of the Palms, said there is no connection between the projects.
"They are two totally different companies and partnerships," said Maloof, referring to the Palms and to the family's Maloof Sports and Entertainment, which owns the Kings and the Sacramento Monarchs.
Those involved in the debate over public financing of the arena agreed, although they cautioned the public might not see it that way.
"It's an entirely different investment," said former Sacramento City Councilman Jimmie Yee, who serves as spokesman for an arena financing group involving landowners in North Natomas.
"It's independent of the Kings, and it shouldn't be a detriment to the arena talks," said Yee, who opposed public financing while he was on the City Council. "The public might say, 'They're spending $600 million there; why can't they spend it on an arena?' But I don't think that's the case."
Councilman Steve Cohn, who supports some public financing, said he expects people will make a connection between the Palms expansion in Las Vegas and the Maloofs' insistence that the public bear some of the expense for a new arena in Sacramento. He sees the two issues as separate.
"In the public's mind, there's a question why people who invest in a casino or a beer distributorship and all of that need assistance building an arena for their team," Cohn said. "I'm not sure that I see how that affects the arena deal one way or the other."
While Maloof Sports and Entertainment says the Kings are barely breaking even, the Palms' wild success in Las Vegas means paying off $600 million for the expansion isn't likely to be a problem.
The family already has paid off the original Palms casino-hotel, which was built for $265 million and opened in 2001. George Maloof said the expansion will be financed largely through hotel and casino revenues, plus bank loans.
Income from condo sales should put a big dent in the project's cost, as well.
Maloof said he's confident the Palms will have no problem filling the additional rooms, adding that the hotel generally operates near a 98 percent occupancy rate.
Included in plans for the new 40-story hotel tower, which is already under construction, are a 2,200-seat showroom, meeting space and themed party suites, one of which will include a basketball court. The top five floors will be occupied by a Playboy Club, including a casino, restaurant and retail space.
In the 50-story tower will be furnished condos ranging in price from $500,000 for a 600-square-foot unit to $7 million for a 7,000-square-foot property.
Maloof said prospective buyers already have put down deposits of $25,000 or more on about half of the 599 units. When they aren't occupied by owners, some will be available for rental.
"There's a heavy market demand for our brand," Maloof said. "People will have a way to participate by owning a piece of the Palms."
Anthony Curtis, who follows the Las Vegas entertainment industry, said the Palms remains a hot destination for free-spending partyers. And he credits George Maloof for ceaselessly promoting the Palms property.
The hotel is a hangout for celebrities and pro athletes, and has been featured in television shows such as "Real World."
"Their difference is panache and style, and it really works for them," said Curtis, who publishes the Las Vegas Advisor newsletter.
"I think the Palms is recognized all over as the place in Vegas, the same way Caesars Palace used to be. You say 'Palms' and everyone knows what you are talking about."
Even after the expansion, the Palms will be modest - at least in size - by Las Vegas standards. With about 1,300 rooms, it will still trail giants like the Bellagio, with its 4,500 rooms, or the Excalibur, with 5,000.
But some of the amenities planned for the new towers - such as the basketball court, a recording studio and the Playboy complex - will set it apart.
"They haven't made any mistakes yet," Curtis said.
"They've been very good at marketing and gauging demand."
He said a new $250 million casino in Palm Springs run by the Morongo Band of Mission Indians is chasing the same market - young, hip Southern Californians - and even hired the same architect and nightclub operator as the Palms.
But he doesn't see that casino stealing significant business from the Palms.
"Las Vegas has such a head start. And no 25-year-old from L.A. with money in his pocket is going to say, 'Let's go to the Morongo casino.' It's a good facility, but it's no Palms."
http://www.sacbee.com/content/business/story/12506471p-13361899c.html
Wha'dya say Joe and Gavin? Hope I put this article in the right thread! I have the worst luck with that!!~~~~~~~~~~~~~~~~~~~~~~~
Maloofs boost Vegas presence
$600 million project comes amid drive for new Kings arena.
By Clint Swett and Jon Ortiz -- Bee Staff Writers
Published 2:15 am PST Friday, March 4, 2005
The Maloof family this week took the wraps off a lavish $600 million expansion of their Palms Casino Hotel in Las Vegas that will include 347 new hotel rooms and suites, as well as 599 luxury condos that will sell for as much as $7 million each.
The announcement comes as Sacramento city officials and private investors struggle with how to finance a new arena for the Maloof-owned Sacramento Kings, which could cost as much as $400 million.
Kings officials have balked at putting a dollar figure on what they are willing to spend on the arena project, while insisting they need a new facility to remain financially competitive in the NBA.
But George Maloof, president of the Palms, said there is no connection between the projects.
"They are two totally different companies and partnerships," said Maloof, referring to the Palms and to the family's Maloof Sports and Entertainment, which owns the Kings and the Sacramento Monarchs.
Those involved in the debate over public financing of the arena agreed, although they cautioned the public might not see it that way.
"It's an entirely different investment," said former Sacramento City Councilman Jimmie Yee, who serves as spokesman for an arena financing group involving landowners in North Natomas.
"It's independent of the Kings, and it shouldn't be a detriment to the arena talks," said Yee, who opposed public financing while he was on the City Council. "The public might say, 'They're spending $600 million there; why can't they spend it on an arena?' But I don't think that's the case."
Councilman Steve Cohn, who supports some public financing, said he expects people will make a connection between the Palms expansion in Las Vegas and the Maloofs' insistence that the public bear some of the expense for a new arena in Sacramento. He sees the two issues as separate.
"In the public's mind, there's a question why people who invest in a casino or a beer distributorship and all of that need assistance building an arena for their team," Cohn said. "I'm not sure that I see how that affects the arena deal one way or the other."
While Maloof Sports and Entertainment says the Kings are barely breaking even, the Palms' wild success in Las Vegas means paying off $600 million for the expansion isn't likely to be a problem.
The family already has paid off the original Palms casino-hotel, which was built for $265 million and opened in 2001. George Maloof said the expansion will be financed largely through hotel and casino revenues, plus bank loans.
Income from condo sales should put a big dent in the project's cost, as well.
Maloof said he's confident the Palms will have no problem filling the additional rooms, adding that the hotel generally operates near a 98 percent occupancy rate.
Included in plans for the new 40-story hotel tower, which is already under construction, are a 2,200-seat showroom, meeting space and themed party suites, one of which will include a basketball court. The top five floors will be occupied by a Playboy Club, including a casino, restaurant and retail space.
In the 50-story tower will be furnished condos ranging in price from $500,000 for a 600-square-foot unit to $7 million for a 7,000-square-foot property.
Maloof said prospective buyers already have put down deposits of $25,000 or more on about half of the 599 units. When they aren't occupied by owners, some will be available for rental.
"There's a heavy market demand for our brand," Maloof said. "People will have a way to participate by owning a piece of the Palms."
Anthony Curtis, who follows the Las Vegas entertainment industry, said the Palms remains a hot destination for free-spending partyers. And he credits George Maloof for ceaselessly promoting the Palms property.
The hotel is a hangout for celebrities and pro athletes, and has been featured in television shows such as "Real World."
"Their difference is panache and style, and it really works for them," said Curtis, who publishes the Las Vegas Advisor newsletter.
"I think the Palms is recognized all over as the place in Vegas, the same way Caesars Palace used to be. You say 'Palms' and everyone knows what you are talking about."
Even after the expansion, the Palms will be modest - at least in size - by Las Vegas standards. With about 1,300 rooms, it will still trail giants like the Bellagio, with its 4,500 rooms, or the Excalibur, with 5,000.
But some of the amenities planned for the new towers - such as the basketball court, a recording studio and the Playboy complex - will set it apart.
"They haven't made any mistakes yet," Curtis said.
"They've been very good at marketing and gauging demand."
He said a new $250 million casino in Palm Springs run by the Morongo Band of Mission Indians is chasing the same market - young, hip Southern Californians - and even hired the same architect and nightclub operator as the Palms.
But he doesn't see that casino stealing significant business from the Palms.
"Las Vegas has such a head start. And no 25-year-old from L.A. with money in his pocket is going to say, 'Let's go to the Morongo casino.' It's a good facility, but it's no Palms."
http://www.sacbee.com/content/business/story/12506471p-13361899c.html
