You’ve probably seen the photos from the early 2000s. The ones where George J Maloof Jr is flanked by Britney Spears, or maybe he’s courtside in Sacramento with a grin that says he owns the place. Because, for a while, he basically did.
But if you look at the Las Vegas skyline today, the "Maloof era" feels like a fever dream. The neon signs have changed. The ownership papers have been shuffled more times than a deck at a high-stakes blackjack table.
People always ask: what happened? Did he lose it all? Did he just get bored?
Honestly, the truth is way more nuanced than a simple "rise and fall" story. George J Maloof Jr didn't just build a hotel; he built a vibe that defined an entire decade of American excess. And then, the world changed.
The Man Behind the Palms
George wasn't just some guy with a trust fund, even though the family money was substantial. His father, George Sr., had built a massive empire in New Mexico—think Coors beer distribution and trucking.
When George Sr. died in 1980, the kids were young. George Jr. was only 16.
He didn't just sit on the inheritance. He went to UNLV. He studied casino management. He actually learned how the house wins. In 1994, he took a gamble on a "locals" spot called the Fiesta Casino Hotel in North Las Vegas. It was a hit. He sold it for over $185 million, which is basically the ultimate "seed money."
That cash birthed the Palms Casino Resort.
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Opening in November 2001, just months after 9/11, it should have failed. Tourism was in the toilet. People were scared to fly. But George had this weird, almost psychic understanding of celebrity culture.
He didn't want a "theme" like the Venetian or New York-New York. He wanted a party. He put stripper poles in the "Fantasy Suites." He hosted the MTV Video Music Awards. He made sure every "it" girl and boy in Hollywood was seen at the Ghostbar or Rain.
The Sacramento Kings and the Struggle for a Home
While the Palms was printing money, the Maloof family was also deep into the NBA. They bought the Sacramento Kings in the late 90s.
For a few years, it was magic.
The Kings were the most exciting team in basketball. Chris Webber, Mike Bibby, Peja Stojaković—they were playing "Greatest Show on Court" ball. George and his brothers, Joe and Gavin, were the "cool owners." They sat on the floor. They high-fived fans.
But then, the arena issue started to rot the relationship.
Arco Arena was old. It was small. The Maloofs wanted a new one, but the city wasn't budging on the taxes. Things got ugly. There were talks of moving the team to Anaheim. Then Seattle. Sacramento fans, who had once treated the Maloofs like royalty, started to feel betrayed.
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In 2013, they finally sold the team to Vivek Ranadivé's group for a valuation of around $534 million. It was a massive payday, but it marked the end of their status as sports moguls.
The 2008 Crash and the Great Pivot
You can't talk about George J Maloof Jr without talking about the Great Recession.
Vegas got hit harder than almost anywhere else. The "party hotel" model relies on people having disposable income they don't mind lighting on fire. In 2009, that money evaporated.
The Palms struggled. The debt was heavy. By 2011, the Maloofs had to hand over the majority of the resort to TPG Capital and Leonard Green & Partners. They kept a small 2% stake, but the "King of the Palms" was no longer the one wearing the crown.
It was a ego-bruising moment, for sure. But George is a shark. He doesn't stay out of the water for long.
What is George J Maloof Jr doing now?
He’s still a player, just in different ways. He was a minority owner of the Vegas Golden Knights when they launched, proving he still knows a good sports bet when he sees one. He’s also been involved in things like Never Hungover, a vitamin-based prevention drink. It’s a very "George" product—born in a nightclub, marketed to the party crowd.
There’s also his involvement in the family's original backbone: the liquor and distribution business.
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The Legacy of the "Maloof Way"
A lot of people think the Maloofs are "gone" because they aren't on reality TV as much (remember Adrienne on Real Housewives of Beverly Hills?).
They aren't.
They are still one of the wealthiest families in the West. George J Maloof Jr’s net worth is still estimated to be in the $500 million range. He didn't go broke; he just diversified.
He proved that you could build a brand on "cool." Before the Palms, Vegas was about grandiosity. George made it about intimacy and exclusivity. Every "day club" and "ultra-lounge" you see on the Strip today owes its DNA to what George built at the Palms.
The real lesson here?
Timing is everything. He caught the celebrity-obsession wave of the early 2000s perfectly. He exited the NBA at a massive profit, even if the PR was messy. And he survived a global financial meltdown that killed off plenty of other "kings."
If you’re looking to follow the Maloof blueprint, here is the takeaway: Invest in the experience, not just the building. George knew people don't go to Vegas for the architecture; they go to feel like a star.
To stay updated on the current state of the Las Vegas hospitality market, you should keep an eye on the San Manuel Band of Mission Indians, who now own the Palms. It’s a full-circle moment for the property George built—now making history as the first Strip-adjacent resort owned and operated by a Native American tribe.
What to do next:
- Check out the current roster of the Vegas Golden Knights to see the kind of "new Vegas" ventures the Maloofs are still quietly backing.
- Read up on the history of Arco Arena if you want to understand the complexities of public-private stadium financing.
- If you're ever in Vegas, visit the Ghostbar. It’s still there, and it still has that glass floor looking down at the city George helped reshape.