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



SLS Las Vegas happens to be sending out SOS signals ever since it underwent a $415 million renovation less than 36 months ago. The former famed Sahara Hotel and Casino was turned into a sleek and modern resort that’s abbreviated moniker stood for ‘Style, Luxury, Service.’

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

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

‘ This will be a when in a lifetime possibility to acquire a premier gaming home on the planet famous Las Vegas Strip,’ Meruelo Group Chairman Alex Meruelo said in a statement.

The privately held Meruelo Group portfolio includes banking and financial services, hotels, food establishments, and a Spanish-language television station in Los Angeles in addition to its Reno casino and future stake in Las Vegas.

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 getting or operating a resort that is major it bought the Sahara in 2007, along with Stockbridge, for somewhere between $300 and $400 million.

Roughly five years later on, the resort that hosted Rat Packers in i 続きを読む