George Maloof Net Worth

What is George Maloof Jr.'s net worth?

George Maloof Jr. is an American entrepreneur who has a net worth of $250 million. George Maloof Jr. is best known for his role in building the Palms Casino Resort into one of the most culturally influential properties in Las Vegas and for his involvement in the Maloof family's sports and entertainment ventures. As the son of George J. Maloof Sr., George Jr. grew up inside a privately held business empire rooted in beer distribution and later expanded into casinos, professional sports, banking, and media. While his brothers Joe and Gavin became the most visible public faces of the family, George Jr. emerged as the operational architect behind the Maloofs' most ambitious casino project.

Often described as the most hands-on operator among the siblings, George Maloof played a central role in shaping the Palms' identity as a nightlife-driven, celebrity-oriented destination that challenged traditional Strip casinos. At its peak, the Palms was both highly profitable and culturally dominant, hosting major entertainment events and redefining how casinos marketed themselves to younger audiences. His career reflects the technical, operational side of the Maloof empire, as well as the risks inherent in highly leveraged expansion.

Early Life and Education

George Joseph Maloof Jr. was born on September 2, 1964, in Albuquerque, New Mexico. He is of Lebanese and Irish descent and is one of five children of George J. Maloof Sr. and Colleen Maloof. His siblings are Joe Maloof, Gavin Maloof, Adrienne Maloof, and Phillip Maloof, all of whom were involved to varying degrees in the family's business interests.

His father built the family fortune after taking over a Coors beer distributorship and expanding into hospitality, gaming, and professional sports ownership. After George Sr.'s death in 1980, the Maloof children were raised with an expectation that they would participate in managing and expanding the family's holdings.

George Jr. was exposed early to business operations, finance, and management. He attended the University of Nevada, Las Vegas, where he studied casino management and graduated in 1987. While at UNLV, he played cornerback for the university's football team, an experience that reinforced his long-standing ties to sports and competitive culture.

Early Casino Ventures

After completing his education, George Maloof began working within the family's gaming operations. He opened his first casino property in Central City, Colorado, gaining early hands-on experience in casino development and management. He later returned to Las Vegas to oversee the opening of the Fiesta Rancho casino in North Las Vegas in 1994, a property that proved to be financially successful and validated the family's gaming strategy.

The sale of Fiesta Rancho in 2000 for more than $185 million provided the capital for the Maloofs' most ambitious project yet.

Getty

The Palms Casino Resort

George Maloof is best known as the driving force behind the Palms Casino Resort, which opened just off the Las Vegas Strip in 2001. Built with family capital, the original property featured approximately 430 rooms and was intentionally positioned as a cultural alternative to traditional Strip casinos. Under George Jr.'s operational leadership, the Palms emphasized nightlife, celebrity appeal, and experiential marketing.

The property became famous for its themed suites, aggressive branding, and integration with music, film, and television. It hosted events such as the MTV Video Music Awards, NBA All-Star Weekend festivities, and major Hollywood film premieres. At its peak, the Palms generated more than $50 million in annual profits and became one of the most talked-about casinos in Las Vegas.

Expansion and Financial Pressure

As competition intensified and the Maloofs expanded the Palms with additional towers and amenities, the property became increasingly leveraged. The global financial crisis and changing dynamics in Las Vegas gaming put significant pressure on cash flow.

In 2011, the Maloof family restructured ownership of the Palms, selling control to private equity firms and retaining only a small minority stake. To support the casino and broader family finances, the Maloofs also sold their historic beer distribution business, effectively unwinding the foundation of their original fortune.

Sports and Entertainment Ventures

Beyond casinos, George Maloof held ownership stakes alongside his siblings in several high-profile sports franchises, including the Sacramento Kings and the now-defunct Sacramento Monarchs. While he was not the primary public spokesperson for these teams, he remained involved as a family owner during periods of both competitive success and organizational controversy.

He also participated in Maloof Productions, which produced film and television projects, including the cult-favorite horror film "Feast."

Career Arc and Legacy

George Maloof's career is defined by operational ambition and cultural impact rather than media visibility. As the executive behind the Palms, he helped reshape Las Vegas casino marketing and nightlife culture during the early 2000s. At the same time, the eventual loss of control over the property highlights the financial risks associated with aggressive expansion and leverage.

Within the Maloof family narrative, George Jr. stands as the builder and operator, the sibling most closely tied to the mechanics of the business rather than its public image. His legacy remains closely linked to the rise and retrenchment of one of Las Vegas' most influential off-Strip casino properties.

Who's Richer?

George
Maloof

Compare!

Gavin
Maloof