SLS Las Vegas has been sending out SOS signals ever since 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, provider.’
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 has the Grand Sierra Resort and Casino in Reno, announced it was acquiring SLS Las Vegas for a price that is undisclosed Stockbridge Capital Partners.
‘ This will be a once in a lifetime chance to acquire a premier gaming property on the planet famous Las Vegas Strip,’ Meruelo Group Chairman Alex Meruelo said in a statement.
In addition to its Reno casino and future stake in Las vegas, nevada, the privately held Meruelo Group portfolio includes banking and financial solutions, resorts, food establishments, and a Spanish-language television place in Los Angeles.
Storied History Disrupted
SLS was envisioned by Sam Nazarian, whose daddy made the household’s fortune from being an investor that is early Qualcomm.
Though Nazarian’s company, SBE Group, had no expertise in owning or operating a major resort, it bought the Sahara in 2007, along with Stockbridge, for somewhere between $300 and $400 million.
Roughly five years later, the resort that hosted Rat Packers in its earl