SLS Las Vegas Hotel & Casino to The Meruelo Group, positioning the company’s acquisition of the 1,616-room, three-tower resort-casino, including the W Las Vegas, from Stockbridge Capital Group. The acquisition is expected to be completed by the end of March, at which point The Meruelo Group will assume operations of SLS Las Vegas.
"We have been looking forward to this day with great enthusiasm," said Alex Meruelo, Principal of The Meruelo Group. "SLS Las Vegas is a fantastic asset with tremendous potential, and we are thrilled to be acquiring the property. This is a lifetime dream and a rare opportunity to own a property on the Las Vegas Strip."
The Meruelo Group will add SLS Las Vegas to its gaming and hospitality portfolio, which includes Grand Sierra Resort and Casino in Reno, Nev. The Meruelo Group will become the only privately held company to own properties in both Reno and Las Vegas. The company purchased Grand Sierra Resort and Casino in 2011, quickly transforming the property into a vibrant, profitable resort-casino.
"The timing couldn’t be better for this acquisition," said Mr. Meruelo. "There is approximately $10 billion of planned investment and growing energy on the North Las Vegas Strip."
After purchasing SLS Las Vegas, The Meruelo Group plans to invest a significant amount into enhancing the property, starting with the rooms, pools, casino floor and entertainment venues. The company also looks forward to becoming an active member of the Las Vegas community.
SLS Las Vegas originally opened in 1952 as the historic Sahara Hotel and Casino.
ABOUT THE MERUELO GROUP
The Meruelo Group is a privately held, diversified management company founded in 1986 by US Latino business executive Alex Meruelo. The Meruelo Group serves a diversified portfolio of 35+ companies across 7 primary industries with over 10,000 employees. The Meruelo Group portfolio is comprised of affiliates in a wide range of industries including: banking and financial services; construction; hospitality & gaming; media; restaurant food services; real estate management and development; and, private equity investing.
ABOUT SLS LAS VEGAS
SLS Las Vegas®, a Tribute Portfolio Resort, is an all-encompassing resort and casino with 1,327 guest rooms and suites in two distinctive towers, 80,000 square feet of flexible meeting space and a collection of acclaimed restaurants, bars and entertainment venues. The inviting casino occupies 60,000 square feet and features approximately 600 of the latest slot and video poker machines complemented by more than 50 classic table games. An impressive selection of culinary and cocktail offerings include Bazaar Meat by José Andrés™, named "Best Restaurant in Nevada" by Business Insider; Katsuya; Cleo®; Umami Burger, Beer Garden & Sports Book; 800 Degrees Neapolitan Pizzeria; Northside Café & Chinese Kitchen; The Sayers Club®; and The Perq™. The resort is also home to The Foundry, an intimate, live entertainment venue. Additionally, SLS houses a sports book operated by global gaming leader, William Hill and the first W Hotel on The Strip, the 289-room, luxurious W Las Vegas. For more information about SLS, please visit slslasvegas.com and stay connected on Facebook, Twitter and Instagram.
SOURCE SLS Las Vegas