This deal was doomed from the start.
The city made promises to the Maloofs they realistically could not keep, in particular the amount of parking a downtown arena would have available. Revenue from parking apparently is a big item when talking about how much money one of these Entertainment Centers can generate. The Maloofs also were burned pretty bad by many locals as greedy billionaires, and that Carl's Jr. commercial added to that locally.
Actually there is much relief in Sacramento now that Measures Q and R are out of the way. Planning for the next, more logical, arena plan can now be started, and nothing will get to the voters for at least two more years. It now makes sense to build the new arena out in Natomas near the existing Arco Arena, on land the Maloofs already own.
As for moving the team, that could happen, but Vegas would require that all the other casinos take NBA betting off the books, which is unlikely, but you never know....they could get other concessions instead, for instance.
Anaheim, of all places, is high on the list for moving the Kings there, but problems exist in any type of move like that as well, mostly in revenue sharing. The Maloofs want enough money out of any deal to cover the King's annual expensions, which amounts to 130 million and growing, which is why they say they need control of 8,000 parking spaces at the Sacramento arena. The city was putting in 5,000 in the Q and R measures, which the Maloofs would never have agreed to, so this was sleezed into the arena package after a verbal deal had been struck.
So the Maloofs pulled their support of the two measures, dooming them to failure. They also did not want any "competing" businesses built near the new arena as well, such as restaurants and sport bars, or Kings' gift shops. The city had planned for restaurants, at least, right next to the arena site.
I still voted for the measures, though. I would like to see the old, historic downtown Sacramento railyards redeveloped in my lifetime and this would have jumpstarted any development. Now, I don't know. Its been years already and nothing is being built up there, any area I can see from my office window.
And no, I won't be moving to Vegas. My job is here in SacTown.