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

Montag, März 16th, 2020

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

SLS Las Vegas is sending out SOS signals ever since it underwent a $415 million renovation less than three years ago. The previous famed Sahara Hotel and Casino had been turned right into a sleek and resort that is modern’s abbreviated moniker stood for ‚Style, Luxury, Service.‘

The blob that is happy could be just a little sad after learning SLS Las Vegas has been offered.

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

‚ This will be a when in a lifetime chance to acquire a premier gaming home on the entire world famous Las vegas, nevada Strip,‘ Meruelo Group Chairman Alex Meruelo said in a statement.

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

Storied History Disrupted

SLS was envisioned by Sam Nazarian, whose dad made the family members’s fortune from being an early investor in Qualcomm.

Though Nazarian’s business, SBE Group, had no expertise in buying 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 Ra (mehr …)