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

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

SLS Las Vegas was 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, deluxe, provider.’

The blob that is happy could 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 owns the Grand Sierra Resort and Casino in Reno, announced it absolutely was acquiring SLS Las Vegas for an undisclosed cost from Stockbridge Capital Partners.

‘ This is a when in a lifetime chance to acquire a premier gaming home on the entire world famous nevada Strip,’ Meruelo Group Chairman Alex Meruelo said in a statement.

In addition to its Reno casino and future stake in nevada, the privately held Meruelo Group portfolio includes banking and financial services, accommodations, food establishments, and a Spanish-language television section in Los Angeles.

Storied History Disrupted

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

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

Roughly five years later on, the resort that hosted Rat Packers Continue reading Troubled SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner