The owners of the Sacramento Kings have surrendered controlling interest in their Las Vegas casino, in a deal that they say improves their finances considerably.
After months of negotiations, the Maloof family announced Tuesday that it has reached a "recapitalization" agreement with the Palms Casino's main creditors, investment firms TPG Capital and Leonard Green & Partners.
Co-owner George Maloof said the deal erases the Palms' debt but leaves the family, which built the trendy casino a decade ago, with less than 50 percent of the equity. That gives controlling interest to TPG and Green.
But Maloof, who enjoys a high profile in Las Vegas, said he will continue to run the Palms.