The SLS Las Vegas Hotel and Casino is set to receive a $100 million renovation from its current owner, Alex Meruelo. The SLS has long been underperforming and has even been made fun of, thanks to its performance and the strange statue found at the entrance. With these new renovations, Meruelo is hoping to turn it around.
The SLS in Las Vegas has started undergoing renovations. The renovations will cost $100 million and hope to turn business around.
SLS Las Vegas Hopes Renovations Turn Business Around
The planned renovations began earlier this week, with $100 million being spent on upgrading the casino floor, as well as all 1600 rooms in the hotel. In addition to this, the pool area will also be refurbished, along with the entertainment venues. Meruelo announced the renovations earlier this year, in March, after he became the new owner back in May 2017. He also owns the Grand Sierra Resort in Reno.
When Meruelo took over the Grand Sierra, he was told that he had little chance in turning the business around. However, he managed to do so and believes if he could do it in Reno, he can do it in Las Vegas with the SLS. Soon after taking ownership of the SLS and having the Nevada Gaming Control Board agree to transfer the gaming licences to him, he informed the Nevada Gaming Commission of his plans to renovate the SLS.
SLS Las Vegas Struggles Since Opening
The SLS was once the iconic Sahara. It closed down in 2011, before reopening as the SLS in 2014. Since it opened, it has struggled to perform. It reportedly lost nearly $123 million in its first nine months of operation, followed by an $84 million loss the following year. It is thought that the SLS has struggled due to its location on the north end of the strip, as well as numerous construction sites and unoccupied buildings surrounding the property.
The renovations should be completed towards the end of 2019 or in early 2020. At the same time, the north end of the strip should be completely revitalised. Resorts World Las Vegas, located nearby, will be opening in 2020, along with The Drew. The Drew was formally known as the Fontainebleau, which was never completed. It certainly looks like the future is bright for this part of the strip, only time will tell if it all pays off.