Maloof's Palm Casino And Resort Names New President

LAS VEGAS (CBS13/AP) - George Maloof will no longer run day to day operations at the family's Las Vegas casino.
 
The Palms Casino Resort is making a veteran gambling executive its new president.

   Palms owner George Maloof said Monday that Joseph Magliarditi will oversee all hotel and casino operations for the 1,300-room destination off the Las Vegas Strip under his new title.

   Magliarditi recently served as president and chief executive officer of the Hard Rock Hotel & Casino in Las Vegas.

   The Palms announced this month a restructuring that gives TPG Capital and Leonard Green & Partners each a 49 percent share in a deal that Maloof says erases more than $400 million in debt.

   The Maloof family has the option to buy back up to a 20-percent share through options and warrants.

The Maloofs also own the Sacramento Kings.