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The Maloofs also donate $100,000 in proceeds from a selected Kings preseason game each year to assist area capital improvement projects as a tribute to the family’s late father and husband under the name of the George J. Maloof Sr. Community Cup. In the past, the annual $100,000 gift has allowed the Sacramento Airport Little League to completely refurbish its little league sports complex, the Sacramento Unified School District to repair a building in downtown Sacramento to house Hemispheres, an after-school visual and performing arts academy, the Sacramento Asian Sports Foundation to bring a Community Cultural and Youth Sports Center to South Sacramento, the St. Patrick’s Home for Children to provide clothing and educational resources for the center’s children, and the Cathedral of the Blessed Sacrament to make repairs to its structure in downtown Sacramento. This year’s donation is assisting with the Sacramento Local Conservation Corps campaign to raise funds for a new Educational Building.
The family’s dedication to community service earned Joe and Gavin Maloof the World Sports Humanitarian Hall of Fame’s Most Involved Executives award for 2001. In addition, the organization’s work was recognized with the Pro Team Humanitarian Award in both 2002 and 2004.
This summer the Kings, Monarchs, and Maloofs helped lead the charge in Sacramento to assist those affected by the destruction suffered from Hurricane Katrina in the Gulf Coast region. Through on-line auctions, fan, employee, and player donations, and a 100% matching donation from the Maloofs, the organization helped raise nearly $300,000 for those in-need.
Striving toward the goal of providing complete customer and employee satisfaction, Maloof Sports and Entertainment works under the mission statement of “a championship caliber team of people committed to the highest level of performance, service, quality, innovation, community involvement, and winning relationships.” “Our family lives by two Maloof business philosophies, cater to our customers and take care of our employees,” states Joe Maloof. “We have a long-term commitment to our fans and employees that make the entire Sacramento community proud to call this organization their own.”
The Kings and Maloof Sports and Entertainment continue to explore ways to enhance the entertainment value of the nearly two million guests who annually enter through the ARCO Arena gateways. In the 2000- 2001 operating budget, the company earmarked $1 million for training, services, and equipment designed to improve customer service and satisfaction. The investment paid immediate dividends, as the Kings ranked first in the NBA in overall fan experience in 2001 and 2003 in a league-wide survey conducted every other year by J.D. Powers and Associates.
The Maloofs’ strong leadership and innovation in the NBA and WNBA was instrumental in spearheading Las Vegas’ successful bid to host the 2007 NBA All-Star Weekend. Marking the first time a non-NBA city has hosted the event, the Las Vegas Convention and Visitors Authority (LVCVA) and Maloofs promise the Entertainment Capitol of the World will put on an All-Star Weekend show in a grandiose fashion.
The Maloof family’s interest in purchasing the Kings, Monarchs, and ARCO Arena originated in 1997 when they contacted then-Managing General Partner Jim Thomas regarding the availability of the teams and arena. On January 14, 1998, the Maloofs completed the purchase of a minority limited partnership in the organization’s franchises and ARCO Arena. Although both the Kings and Monarchs suffered through subpar seasons in 1997-98, the Maloofs continued their pursuit of primary ownership and on January 15, 1999, subsequently purchased controlling interest, effective July 1, 1999. The NBA Board of Governors unanimously approved the ownership transfer on May 7, 1999, in New York, at which time the Board of Governors appointed Joe Maloof to the Board. The official closing of the ownership transaction took place on July 1, 1999.
Their purchase of the Kings returned the Maloofs to the NBA after a 17-year absence during which the family eagerly pursued an opportunity to rejoin the league. Owners of the Houston Rockets from 1979 through 1982, the Maloofs watched their Rockets rise to elite status, advancing to the NBA Finals for the first time in the team’s history in 1981. Following the death of their father, George Maloof, Sr., in 1980, Joe and Gavin Maloof, who were only in their mid-20’s at the time, took over responsibility for the Rockets along with their mother, Colleen, their two younger brothers, George, Jr. and Phil, and their sister, Adrienne. The added responsibilities of continuing the growth of the family business forced the Maloofs to sell the Rockets in 1982, but George Maloof’s original passion for NBA basketball has remained with the family.
“We waited a long time to get back into the NBA. I remember going to the NBA Finals with the Rockets in 1981, and how exciting that was. We have succeeded in bringing that excitement to Sacramento with the Kings and the Monarchs,” Gavin Maloof stated.
A 100-Year Model for Diversified Business Success
The Maloof Companies are a diversified group of business ventures including hotels, casinos, banking, food and beverage, and transportation headquartered in Albuquerque, New Mexico and operated in California, Nevada, New Mexico, and Colorado.
In 1994, the family made a $10 million investment in a small piece of property in North Las Vegas, building the quaint 30,000-square foot, 100-room Fiesta Casino Hotel. After a pair of expansive renovations, the 75,000-square foot Fiesta became one of the most profitable hotel casinos per square foot in the entire state of Nevada. In fact, in an August ‘99 edition of the USA Today, the Fiesta Casino Hotel was voted one of the world’s 10 greatest gambling destinations, ranking with the likes of the Bellagio and Caesars Palace in Las Vegas and the Trump Taj Mahal Casino Resort in Atlantic City.
In July of 2000, the Maloof family sold the operating interest in the Fiesta Hotel Casino for over $185 million. The family immediately re-invested the money into the construction of the Palms, a $285 million hotel casino just off the Las Vegas strip with a 42-story tower and 447 guestrooms. The Palms, which opened for business on November 15, 2001, features outstanding customer service, unique architecture, and awardwinning restaurants, entertainment, nightlife, and amenities. In just four years of operation, the Palms has become the hottest property in Las Vegas with thousands of visitors daily. The Palms is currently undergoing an expansion that will include additional rooms and amenities for use later this year.
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. The Maloof Companies also is 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.
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.
“Our family is extremely excited to broaden our entertainment interests through Maloof Productions and Maloof Music. We look forward to producing quality entertainment in television, motion pictures, and music,” states Phil Maloof.
Colleen Maloof serves as Chair of the Board of Directors of the Maloof Companies. Joe Maloof is president of the corporation and oversees the banking and sports and entertainment divisions, while Gavin Maloof is vice chairman, also leading the sports and entertainment daily operation. George Maloof, Jr., is an executive vice president and heads the hotel division, and Adrienne Maloof is the secretary/treasurer of the company. Phil Maloof is an executive vice president and the point person for Maloof Productions and Maloof Music.
The Maloof family history in the United States dates back to 1892 when Joe Maloof I opened a small general store in northern New Mexico. By the 1930’s, the Maloof family acquired the distribution rights to Coors Beer and subsequently established Quality Imports, a wholesale fine liquor distribution center, in 1937. When Joe Maloof I suffered a major heart attack in 1944, his son, George J. Maloof, left his studies at the University of Colorado to assume responsibility of the Maloof Companies at the age of 21.
George J. Maloof successfully expanded the family business into a group of diversified companies, moving into the hotel and banking sectors in the 1970’s. In 1978, responding to his love for sports and competition, Maloof purchased the majority ownership of the Rockets. However, just two years later during the Rockets’ rise to the upper echelon of the NBA, Maloof passed away at the age of 57. His wife, Colleen, assumed control of the entire Maloof operation and rather than selling off the company assets, she enlisted the assistance of her five children. Under Colleen Maloof the family expanded their beer and liquor distribution operations and later opened their first gaming property in 1992. From 1990 to 1992 the family also owned the Birmingham Fire of the World League of American Football.
In the 100-plus years that have defined the Maloof Companies, customer service and a strong work ethic combined with energy and vision are the qualities that have built this one-time general store into a business model for diversified success.
“From the days of my grandfather’s general store to our entire operation now, the Maloof family business philosophy always has been centered around complete customer and employee satisfaction. In Sacramento, the fans are our customers and providing a great experience for them is our goal,” says Gavin Maloof.
Phil Maloof | Adrienne Maloof-Nassif | George Maloof
JOE MALOOF
Joseph Maloof is President of the Maloof Companies.
Joe’s business expertise and leadership qualities have helped enhance and diversify the corporation’s growth since his father’s death in 1980.
Joe manages the Maloof Companies’ nearly 3,500 employees with an open door policy, much like his father did nearly 30 years ago. He also believes in treating customers in a first-class manner and with the utmost respect, and is often seen talking and listening to the fans and customers of the various family businesses.
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His extensive expertise in management, sales, and marketing has been invaluable during the company’s expansion into banking, hotels, and gaming over the past 20 years. He currently serves on the Board of the Coors Distributor Council. In May of 1999, he was appointed to the NBA Board of Governors by Commissioner David Stern after the Maloof family was unanimously approved by the Board to assume controlling interest of the Kings.
Like all of his family, Joe’s charitable efforts are an important aspect of his personal and professional life. He has assisted countless community service groups through the years, including the Boys Club, the University of New Mexico, the American GI Forum, the Airport Little League, and the League of Latin American Citizens, to name just a few.
He has a passion for competition, stemming from his days as a prep and collegiate athlete. He was MVP of his high school basketball team at Lawrenceville Prep School (Lawrenceville, N.J.), and was a two-time letterwinner as a defensive back at the University of New Mexico, where he graduated in 1979 with a degree in business.
Joe resides in Sacramento less than two miles from ARCO Arena. He enjoys working out and is an avid tennis player.
GAVIN MALOOF
As Vice Chairman of Maloof Companies, Gavin Maloof assists in all aspects of the family’s diversified business ventures while overseeing the company’s sports and entertainment operation. He is dedicated to maintaining and building the corporation’s national and international prominence and spearheading a new era of growth for the company.
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The Rockets enjoyed immediate success under Gavin’s leadership, advancing to the NBA Finals for the first time in franchise history in 1981. With the likes of Moses Malone, Calvin Murphy, and Elvin Hayes, the Rockets qualified for postseason play in all three seasons under the Maloof family ownership. In addition to his front office management with the Rockets, Gavin also served as team president during the Maloof’s tenure as owners of the Birmingham Fire of the World League of American Football (WLAF) from 1990-92.
Gavin has always placed an importance on his community service work. Over the years he has served on the board of directors for several charitable causes, including those focusing on the well-being of children.
An active sports fan and participant, Gavin was an outstanding football player at the New Mexico Military Institute in Roswell, N.M., and at Trinity University in San Antonio. He graduated from Trinity in 1979 with a speech and communications degree. Last year he was inducted into the New Mexico Military Institute Hall of Fame as one of the school’s most successful graduates, an honor bestowed on only a handful of people in the school’s long history.
Gavin resides in Sacramento less than two miles from ARCO Arena. He enjoys playing golf in his spare time.
COLLEEN J. MALOOF
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Trustee for the Estate of George J. Maloof
Colleen J. Maloof is chair of the board of the Maloof companies and trustee for the estate of George J. Maloof. Throughout the key years that George Maloof built the Maloof Companies into the largest group of family-owned enterprises in New Mexico, Colleen was an instrumental partner in their prosperity. Faced with the challenge of carrying on the family tradition of success after her husband’s passing, she has grown the Maloof Companies as never before.
Colleen Maloof is a major force behind the family’s continued strength and the Maloof’s corporate and civic leadership. She is a leader in her community and has received a number of honors and awards, including the Associated Students of University of New Mexico Award for Dedication and Service, Mexican-American Foundation of America Women of the Year Award, and the Image de Albuquerque Award, which was presented to the Maloof family for their significant contributions to Hispanic business development.
Colleen has played a pivotal role in developing the “Maloof style” managerial skills of her children, Joe, Gavin, George Jr., Phil, and Adrienne. She has worked to ensure that company policies and practices remain true to the family motto, “The Customer is King.”
GEORGE MALOOF
Adhering to his father’s policy of learning the family business “from the ground up,” George J. Maloof, Jr. has successfully established himself as an innovator in the hotel and gaming industries.
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As President of Maloof Hotels since 1989, George has overseen the operation of hotels throughout the Southwest and California, including the Fiesta Casino Hotel in Las Vegas, the Central Palace Casino in Central City, Colorado, and the Palms.
George has very strong ties to the Las Vegas community. He is a UNLV alumnus, where he received his bachelor’s degree in business administration (hotel management) in 1987.
In addition to his work in the gaming industry, George is also a member of the Patriarchal Order of the Holy Cross of Jerusalem and the Las Vegas Chapter of Legatus.
ADRIENNE MALOOF-NASSIF
Whether it’s marketing, fashion design, promotion, or politics, Adrienne Maloof-Nassif is involved in all aspects as well as the overall leadership of the Maloof Companies.
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Philanthropic work also is a personal passion for Adrienne. Because of her love and concern for animals and children, Adrienne has joined forces with the Sacramento SPCA to serve as an honorary spokesperson. Her financial contributions allowed the SPCA to complete a new shelter in February of 2002 and develop the Adrienne Maloof Camp Kindness program, which allows underprivileged youth to learn the proper care and handling of animals. Her Camp Kindness program was so successful in Sacramento, that she is currently in the process of developing a similar program for the Los Angeles SPCA.
Growing up in Albuquerque, New Mexico, she was one of the country’s top ranked junior tennis players and went on to play collegiate tennis at the University of New Mexico, where she earned a bachelor’s degree in political science.
Adrienne resides in Los Angeles with her husband Paul and their son, Gavin. She loves to spend time with her son as well as her dog, Ity Bity, and her adopted cats, Spanky and Lulu. She also enjoys reading and working out.
PHIL MALOOF
Phil Maloof is an executive vice president with Maloof Companies and the point person for the family’s newest business ventures, Maloof Productions and Maloof Music.
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Phil was known for his tough stance on crime while representing New Mexico, becoming the first state senator in the country to sponsor the Three Strikes, You’re Out law, in addition to helping pass several bills aimed at improving school funding.
An outstanding all-around athlete, Phil played quarterback collegiately at New Mexico State, before earning his post-secondary degree from the University of New Mexico.
Phil resides in Las Vegas and also has a home in Los Angeles, where he works to develop Maloof Productions and the Maloof Music label. In addition, he assists in the other Maloof family businesses, including the Sacramento Kings and the Palms hotel and casino property. He enjoys playing basketball and traveling in his spare time.
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