Friday, February 9, 2007

Billionaire sports & entertainment family


The Maloof family is a family group which owns several business properties and professional sports franchises. They are best known for being the owners of the Sacramento Kings of the National Basketball Association (NBA) and the Sacramento Monarchs of the Women's National Basketball Association (WNBA).

In 1994 they bought the Fiesta Casino in Las Vegas, Nevada for $8 Million, selling it in 2000 for over $185 Million. The money was reinvested into the creation of The Palms hotel and casino. During All-Star weekend, NBA players from the West and East squads stayed at the Palms hotel and casino.

George Maloof Jr. is credited with upping the star power in Las Vegas, catering to the young, hip Hollywood elite.

Paris Hilton was most closely associated with the resort, reportedly paid tens of thousands in "appearance fees" to attend Palms clubs and parties.

The Palms recently completed phase one of a $600 million expansion with their "fantasy tower." It features over-the-top fantasy suites, ranging from the Hardwood Suite with a half-court basketball court, to the Hugh Hefner "Sky Villa," a two-story suite modeled after the Playboy Mansion. Rooms go for up to $40,000 per night. The fantasy tower will also include the world's only Playboy Club, the first to operate in 25 years.

A third tower is currently under construction, with a planned opening late 2007. It will be all suite, luxury condominiums. Numerous celebrities have already purchased condos for their own personal use. Most will be rented out as rooms to guests with the Palms and the individual unit owners splitting the proceeds. Upon completion of the their tower, the Palms is estimated to be a $1 billion resort.

The Maloofs are in the process of expanding their business in the entertainment industry with the development of Maloof Productions and Maloof Music. Maloof Productions is committed to developing and producing quality television and motion picture entertainment. The Maloof Music label debuts as a joint venture with Interscope/Geffen/A&M Records, which is the largest record company in the world under the direction of chairman and legendary music mogul Jimmy Iovine. In fact, Maloof Music is the first joint venture with Interscope/ Geffen/A&M without a previous music industry background such as an artist, writer, or producer.

Maloof Productions places its primary focus on developing and producing film and television programming. In its first few months of operation, the television division, Maloof TV, has developed a slate of reality-based and scripted programming. Further, the film division, Maloof Motion Pictures, has already completed their first film, Feast

In addition to their gaming business, the Maloofs have exclusive proprietorship rights to the distribution of Coors, Miller, Corona, Heineken, Tecate, InBev, Boston Beer, and Guinness products throughout New Mexico.

"Maloof Companies," is also one of the largest single shareholders in Wells Fargo Bank, which operates banks and branches in 23 states throughout the Western United States with over $200 billion in assets and 15 million customers.

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