Maloofs leaving New Mexico

Dec 21, 2009 7:33 PM
Staff & Wire Reports | In a copyright story by Mark Smith in the Albuquerque Journal, Joe G. Maloof announced that after three generations of doing business in New Mexico the family is selling its Coors distributorship.

The family’s many other businesses, he said, were making it increasingly difficult to focus on the business started by his grandfather in Las Vegas, New Mexico, in the 1930s.

His father, George Sr. moved the business to Albuquerque and expanded into other businesses including banking, hotels and an NBA franchise. When George Sr. died in 1980, at the age of 57, the matriarch of the family, Colleen, and her sons took over.

The Coors distributorship is the last Maloof business in New Mexico. It is being sold to Admiral Beverage Corp. of Wyoming.

Currently, members of the Maloof family own the NBA’s Sacramento King, the Palms Casino Resort in Las Vegas, the Maloof Money Cup skateboarding championship, and interests in television and films.

George Jr. runs the Palms Casino Resort while older brothers Joe and Gavin handle the Sacramento Kings. A younger brother, Phillip, has charge of the Maloof entertainment businesses in Los Angeles.