SLS Las Vegas has been sending out SOS signals ever since it underwent a $415 million renovation less than 36 months ago. The previous famed Sahara Hotel and Casino had been turned into a sleek and modern resort that’s abbreviated moniker stood for ‘Style, Luxury, provider.’
The blob that is happy might be just a little sad after learning SLS Las Vegas has been offered.
It didn’t work. This week, the Meruelo Group, a California-based holdings company that has the Grand Sierra Resort and Casino in Reno, announced it was acquiring SLS Las Vegas for an undisclosed cost from Stockbridge Capital Partners.
‘ This is a when in a lifetime possibility to acquire a premier gaming home on the world 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 father 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 resort that is major 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 it […]