Recently updated on May 25th, 2017
The SLS Las Vegas Casino Resort has reportedly been sold to a new company. The SLS has been struggling financially since it underwent renovations tree years ago. The SLS Las Vegas had previously been known as the Sahara Hotel and Casino, and it was a very famous location. Once it underwent its renovations, it was made into a contemporary and modern resort. Its name stood for Style, Luxury, Service, but it never managed to gain the same levels of fame.
SLS Las Vegas Sold to California Holdings Company
It was announced this week that the current owners of the SLS Las Vegas, Stockbridge Capital Partners, would be selling the resort to the Meruelo Group for an undisclosed price. The Meruelo Group currently owns the Grand Sierra Resort, located in Reno, so it is a company with plenty of experience in the casino industry.
The Chairman of the Meruelo Group has come out and said that the chance to purchase a premier gaming location in Las Vegas was a one in a lifetime opportunity that could not be ignored. The group’s portfolio also includes banking services, hotels, and Spanish TV studios in Los Angeles.
SLS Struggles For Years
The SLS Resort was envisioned by Sam Nazarian, who wanted to make the luxury resort a reality. Despite the fact that he did not have experience running a large casino and resort, nor did his company, he acquired the Sahara Casino back in 2007. It is believed that he paid between US$300 to 400 million.
After owning the casino for five years, it shut its doors for renovations. However, once the revised casino reopened, it failed to strike a chord with customers. Both locals and tourists didn’t connect with the SLS Las Vegas, with many feeling confused with its styling decisions.
In addition to this, the SLS is on the northern side of the Las Vegas Strip. While the centre of Las Vegas has been thriving and seeing increased revenue, the northern parts of the Strip have struggled to attract guests.