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

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

Is Las Vegas Tourism’s Future Boom or Bust? Professionals Have Varied Viewpoints

The tourism industry in Las Vegas has restored all but 1.3 percent from the devastating fallout associated with recession, but what lies ahead for las vegas’s visitor growth for the following five years? This will depend who you ask.

Las Vegas tourism continues to flourish, but several factors could hamper future expansion, from terrorism to airline pilot shortages.

Several facets point toward slower growth, nevertheless the recovery from the 2008 Great Recession is practically complete.

That is according to UNLV’s Center for Business and Economic analysis director Stephen Miller, whom said at a presentation earlier this week that Southern Nevada’s tourism economy will drop slightly, but then rebound in a limited capacity, in 2018, based on a story in the Las vegas, nevada Review-Journal.

Those thoughts are in direct contrast to those of officials at the Las Vegas Convention and Visitors Authority (LVCVA). Execs there think that indicators point toward an upsurge in site visitors, continuing a trend they have seen for the past 36 months.

Tourism Records Broken

Visitor numbers in Las Vegas have been spiking since 2015. Occupancy rates in hotels, as well as average room that is daily, have actually also gone up within the previous two years, according to the LVCVA.

It offers positively been a bull market for both the Strip and downtown in nevada. In 2016, 42.9 million visitors flocked to Sin Læs resten