Difficult SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner

Difficult SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner

SLS Las Vegas has been sending out SOS signals from the time it underwent a $415 million renovation less than 36 months ago. The former famed Sahara Hotel and Casino had been turned into a sleek and resort that is modern’s abbreviated moniker stood for ‘Style, Luxury, Service.’

The blob that is happy might be only a little sad after learning SLS Las Vegas has been sold.

It didn’t work. This week, the Meruelo Group, a California-based holdings company that has the Grand Sierra Resort and Casino in Reno, announced it was acquiring SLS Las Vegas for a price that is undisclosed Stockbridge Capital Partners.

‘ This will be a when in a lifetime chance to acquire a premier gaming home on the world Las that is famous Vegas,’ Meruelo Group Chairman Alex Meruelo said in a statement.

In addition to its Reno casino and future stake in vegas, the independently held Meruelo Group portfolio includes banking and financial services, resort hotels, food establishments, and a Spanish-language television place in Los Angeles.

Storied History Disrupted

SLS was envisioned by Sam Nazarian, whose father made the family’s fortune from being an investor that is early Qualcomm.

Though Nazarian’s business, SBE Group, had no experience in possessing or operating a major resort, it bought the Sahara in 2007, along side Stockbridge, for somewhere between $300 and $400 million.

Roughly five years later, the resort that hosted Rat Packers in Continuar leyendo «Difficult SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner»