will own just 2 percent of Palms(via Sacramento Bee) · June 19, 2011 · 9:58 PM

The Maloof family will soon own just 2 percent of the Palms, its trendy Las Vegas property, according to regulatory documents.

The revelation comes just days after George Maloof confirmed that his family had given up majority control of the casino and hotel, on which it spent about half a billion dollars over the past decade.