{"id":708,"date":"2017-05-25T10:58:29","date_gmt":"2017-05-25T10:58:29","guid":{"rendered":"https:\/\/www.casinousa.com\/?p=708"},"modified":"2017-05-25T10:58:29","modified_gmt":"2017-05-25T10:58:29","slug":"stockbridge-capital-partners-sells-sls-las-vegas-casino","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/stockbridge-capital-partners-sells-sls-las-vegas-casino","title":{"rendered":"Stockbridge Capital Partners Sells SLS Las Vegas Casino"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2017\/05\/sls-las-vegas-casino.jpg\" alt=\"\" width=\"300\" class=\"alignright size-full wp-image-709\" \/>The <a href=\"https:\/\/www.slslasvegas.com\/\">SLS Las Vegas casino<\/a> property located on the Las Vegas Strip has been acquired by <strong>Meruelo Group<\/strong>, which owns the Reno-based gaming facility <strong>Grand Sierra Resort Hotel &amp; Casino<\/strong>.<\/p>\n<p>The property has been sold by owner <a href=\"http:\/\/stockbridge.com\/\">Stockbridge Capital Partners<\/a> for an undisclosed deal price. The deal is expected to be finalized in the third quarter of this year after receiving necessary regulatory approvals.<\/p>\n<p>In a statement <strong>Alex Meruelo<\/strong> Meruelo Group Chairman and CEO said, <\/p>\n<blockquote><p>This is a once in a lifetime opportunity to acquire a premier gaming property on the world famous Las Vegas Strip. We look forward to bringing our experience and successful track record as a casino\/hotel owner, and to leverage our Los Angeles-based media and entertainment properties, to position the SLS as one of the most desired destinations in Las Vegas.<\/p><\/blockquote>\n<p>SLS Las Vegas, formerly known as the Sahara, was reopened in 2014 after an extensive upgrade estimated to be around $415 million. The resort has three towers and consists of 1,327 rooms along with a 50,000-square- foot casino floor that features 600 <a href=\"https:\/\/www.casinousa.com\/games\/slots\">slot machines<\/a> plus 60 table games. The legendary Sahara initially opened in 1952 and was the sixth casino to do so on the Strip.<\/p>\n<p>Initially after its reopening, the property struggled to take off, in part due to its location on the extreme north end of the Strip. Furthermore SLS Las Vegas part-owner <strong>Sam Nazarian<\/strong> had to appear before the Gaming Commission apologizing for his misdeeds which involved dealing with a convicted felon regarding an extortion bid. Nazarian sold his 10 percent stake to majority partner Stockbridge in October 2015.<\/p>\n<p>Subsequently, SLS Las Vegas signed up with <strong>Starwood Hotels &amp; Resorts Worldwide<\/strong> to convert one of its towers into a luxury hotel. The newly branded 289-room <strong>W Las Vegas hotel<\/strong> opened in December 2016 and is being managed by Marriott International. The rest of the 1,327 guest rooms are managed as a <strong>Tribute Portfolio Resort<\/strong>, branded under a franchise agreement.<\/p>\n<p><a href=\"http:\/\/www.meruelogroup.com\/\">Meruelo Group<\/a> is a minority owned holding company that has operations across a variety of industries including construction, media, food services and real estate, employing over 10,000 people. Meruelo spokesman <strong>Andrew Diss<\/strong> said that no problems were expected in the clearing of the deal, noting that the group already held a non-restricted license. <\/p>\n<p>The group acquired its only gaming property Grand Sierra in 2011. The Reno property has over 1,990 hotel rooms as well as a 100,000-square- foot casino.<\/p>\n","protected":false},"excerpt":{"rendered":"The SLS Las Vegas casino property located on the Las Vegas Strip has been acquired by Meruelo Group, which owns the Reno-based gaming facility Grand Sierra Resort Hotel &amp; Casino. The property has been sold by owner Stockbridge Capital Partners for an undisclosed deal price. The deal is expected to be finalized in the third [&hellip;]","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-708","post","type-post","status-publish","format-standard","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stockbridge Capital Partners Sells SLS Las Vegas Casino<\/title>\n<meta name=\"description\" content=\"The SLS Las Vegas casino property located on the Las Vegas Strip has been acquired by Meruelo Group\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casinousa.com\/news\/stockbridge-capital-partners-sells-sls-las-vegas-casino\" \/>\n<meta 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