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

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

SLS Las Vegas has been sending out SOS signals from the time it underwent a $415 million renovation less than 3 years ago. The previous famed Sahara Hotel and Casino had been turned into a sleek and modern resort that’s abbreviated moniker stood for ‘Style, deluxe, Service.’

The happy blob statue might be 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 absolutely was acquiring SLS Las Vegas for a price that is undisclosed Stockbridge Capital Partners.

‘ This is a once in a lifetime possibility to acquire a premier gaming property on the planet famous Las vegas, nevada Strip,’ Meruelo Group Chairman Alex Meruelo said in a statement.

In addition to its Reno casino and future stake in Las Vegas, the independently held Meruelo Group portfolio includes banking and financial services, hotels, food establishments, and a Spanish-language television section in Los Angeles.

Storied History Disrupted

SLS was envisioned by Sam Nazarian, whose daddy made the family members’s fortune from being an investor that is early Qualcomm.

Though Nazarian’s business, SBE Group, had no experience in having or operating a resort that is major it bought the Sahara in 2007, along side Stockbridge, for somewhere between $300 and $400 million.

Roughly five years later, the resort that Lanjutkan membaca “Troubled SLS Las Vegas, Former Sahara, Sold to Reno Resort Owner”