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

SLS Las Vegas has been sending out SOS signals ever since it underwent a $415 million renovation less than 3 years ago. The former famed Sahara Hotel and Casino was turned as a sleek and resort that is modern’s abbreviated moniker stood for ‘Style, Luxury, provider.’

The happy blob statue could be just a little sad after learning SLS Las Vegas has been sold.

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

‘ This will be a once in a lifetime possibility to acquire a premier gaming property on the planet Las that is famous Vegas,’ 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 daddy made the family members’s fortune from being an early investor in Qualcomm.

Though Nazarian’s business, SBE Group, had no expertise in having 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 Rat Packers in its early Continue reading “Distressed SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner”