Reno casino owners bought SLS Las Vegas
The SLS Las Vegas formerly the Sahara has officially been bought over by the Alex Meruelo and Meruelo Group who are the owners of the Grand Sierra in Reno. The Meruelo group has agreed to buy the SLS Las Vegas for an undisclosed amount from Stockbridge Capital Partners. However this transaction is restricted to the regulatory approval and is expected to get over in the third quarter of 2017 as stated by both the companies in a joint statement released on Tuesday without any additional details.
Meruelo said in a statement that “This is a once in a lifetime opportunity to acquire a premier gaming property on the world famous Las Vegas Strip.”
The SLS Las Vegas opened in 2014 after a $415 million upgrade. The resort with 1327 rooms struggled to generate profits initially which was due to its location in the Strip’s northern end. After the opening of SLS Las Vegas its part owner Sam Nazarian appeared before the Nevada Gaming Commission and apologised for his previous misdeeds. He revealed all the wrong doings and how he was cheated by his partner and somehow The Gaming Commission was apprehensive to offer him a license but still approved one year gaming license with conditions. SLS Las Vegas reported a loss of $84 million in the first six months of 2015. Nazarian, owner of SBE Entertainment than sold his 10 percent stake in the SLS Las Vegas to Stockbridge in October 2015. The SLS has three towers with 50,000 square foot casino floor with 600 slot machines and 60 table games.
One tower, the Lux tower of the SLS Las Vegas was taken over by Starwoods Resorts Worldwide and they converted building’s 289 rooms into W Las Vegas. The newly branded tower had a soft opening in 2016. Meruelo Group which has acquired SLS LAs Vegas has interest in range of business from construction, engineering, hospitality, gaming, media, real estate and food services.
The Grand Sierra in Reno with 1955 guest rooms and a 100,000 square foot casino is only for gaming business. Meruelo group expects a smooth transition and regulatory approval for SLS.
