SLS Las Vegas has been 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 in to a sleek and resort that is modern’s abbreviated moniker stood for ‘Style, deluxe, Service.’
The happy blob statue could be just 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 an undisclosed cost from Stockbridge Capital Partners.
‘ This is a when in a lifetime opportunity to acquire a premier gaming property on the planet 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, accommodations, food establishments, and a Spanish-language television place in Los Angeles.
Storied History Disrupted
SLS was envisioned by Sam Nazarian, whose dad made the household’s fortune from being an early investor in Qualcomm.
Though Nazarian’s company, SBE Group, had no experience in having or operating a major resort, it bought the Sahara in 2007, along with Stockbridge, for somewhere between $300 and $400 million.
Roughly five years later, the resort that hosted Rat Packers in its ea Continue reading “Troubled SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner”