Sahara Casino gets $300m for Improvements and Reopening
Just one year ago, SBE Holdings and Stockbridge Capital Group LLC made a decision to shut down their aging and failing Sahara Casino. As SBE Holdings CEO Sam Nazarian said, the casino was no longer “economically viable” after its 50 years in business. The archaic atmosphere and overall shortage of Las Vegas visitors really hurt the Sahara’s revenue during the late 2000’s.
Fortunately, Stockbridge and SBE later changed their minds and decided to renovate the casino in order to help it compete with other Vegas hotspots. And they recently got good news on this matter since the company secured $300 million for the renovations.
Nazarian is excited about the new investment and subsequent renovation as he said, “We see the northern end of the Strip as the future of Las Vegas, and we’re pleased to be positioned at the forefront of that growth.” He went on to add, “Las Vegas has recovered steadily in the past year, and we’re excited to be able to inject capital back into the local economy through the adaptive reuse of the famed Sahara.”
The $300 million in renovations are expected to be completed by some time in 2014, and the casino name will be changed to “SLS Las Vegas.” The SLS Hotel is going to feature 1,600 newly-remodeled, “boutique-style” rooms. Until these renovations are completed on the hotel, most people won’t recognize the venue since it will be “stripped down to the skeletons.”
Besides the overall face lift on the hotel and casino, another advantage to the remodeling is that it’ll enable SBE to increase their casino’s customer base to around 2.5 million people. Nazarian also commented on this by saying, “The beauty of a long runway is that it allows the (Las Vegas) market to continue to correct itself, and gives us 24 months to dedicate sales and marketing of the brand.” He finished by adding, “We believe this will kick off the next wave of construction in Las Vegas.”