SLS Las Vegas has been sending out SOS signals from the time it underwent a $415 million renovation less than 36 months ago. The former famed Sahara Hotel and Casino was turned in to a sleek and modern resort that’s abbreviated moniker stood for ‘Style, Luxury, Service.’
The happy blob statue could 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 a price that is undisclosed Stockbridge Capital Partners.
‘ This is a once 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.
In addition to its Reno casino and future stake in Las Vegas, the independently held Meruelo Group portfolio includes banking and financial services, resort 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’s fortune from being an investor that is early Qualcomm.
Though Nazarian’s business, SBE Group, had no expertise in getting 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 on, the resort that hosted Rat Packers in i