The Sacramento Kings; tired of playing in an old and antiquated Arco Arena and frustrated at Sacramento's inability to come up with a realistic arena plan downtown, are seriously looking at moving the team to Las Vegas.
Owners Joe and Gavin Maloof, who also own the posh Palms hotel and casino, have quietly begun serious negotiations to explore the option of moving the Kings, who have played in the state capital since 1985.
Sacramento city officials have been trying for years to develop a downtown arena, but because of the current financial climate, lack of concrete financing, and depleted civiv funds, have all but given up on a timely arena plan.
Las Vegas has longed desired to attract both an NBA and possible NHL team, (Phoenix Coyotes future in Arizona is unclear) and is close to getting a new 20,000-seat building in the desert city.
This arena, which will be located behind Bally's Las Vegas and Paris Las Vegas, was being developed by Harrah's Entertainment and Anschutz Entertainment Group. Harrah's pulled out in September 2008 as a partner and were replaced by a group of investors that include Hollywood producer Jerry Bruckheimer, Metro-Goldwyn-Mayer CEO Harry Sloan and Wall Street financier David Bonderman.
It was competing with another arena proposal, which is favored by Las Vegas mayor Oscar Goodman, that would be located downtown. That proposal has since been canceled.
**Several roadblocks for the Maloofs' plans still exist; namely, Vegas' gambling distinction and whether or not NBA commissioner David Stern would allow the Kings to relocate, (or any other NBA team for that matter.)
**In addition, a firm financing plan is not in place for the planned new Vegas arena, but is close, according to several city officials.
**If the Maloofs move to Vegas, will they have to sell the Palms for possible conflict-of-interest situations?
Stay tuned.
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