SLS Las Vegas was sending out SOS signals from the time it underwent a $415 million renovation less than 3 years ago. The former famed Sahara Hotel and Casino was turned into a sleek and resort that is modern’s abbreviated moniker stood for ‘Style, Luxury, Service.’
The blob that is happy might 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 was acquiring SLS Las Vegas for an undisclosed price from Stockbridge Capital Partners.
‘ This is a when in a lifetime chance to acquire a premier gaming home on the entire world famous Las Vegas 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 solutions, 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 investor that is early Qualcomm.
Though Nazarian’s company, SBE Group, had no experience 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 on, the resort that hosted Rat Packers in its very early Læs resten