Likely in Meruelo’s camp is the simple fact that the SLS has had a tough time turning a profit almost from the day it opened on August 23, 2014. Original purchaser Nazarian envisioned a chic, hip resort that would attract millennials and club goers. The company spent $415 million to renovate the venue and put in restaurants with celebrity chefs, three nightclubs, and a 3-D ceiling video screen above the Center Bar near the main entrance.<\/p>\n
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But the concept never took hold with the targeted demographic. Part of that was due to the SLS’s awkward location at the north end of the Las Vegas Strip. The resort was completely surrounded by failed or stalled resorts, such as Alon, Fontainebleau, and Resorts World, and nothing says “not hip” more than a wasteland.<\/p>\n<\/div>\n
Getting a gaming license was also a problem for the Los Angeles-based Nazarian because of past misdeeds. He was ultimately given a one-year limited license, but was not allowed to run day-to-day operations. He sold his 10 percent stake in the facility on October 15, 2015.<\/p>\n
The SLS suffered a steady stream of deficits, and during the first six months of 2015, the casino resort reported a net loss of nearly $84 million. Another shortfall of $39 million was announced for the next three months, after which financials ceased to be shared at all.<\/p>\n","protected":false},"excerpt":{"rendered":"
Sales price haggling over the SLS Las Vegas may have pushed back the deal’s anticipated closing date, a spokesman for the transaction announced over the weekend. Negotiations between purchaser Alex Meruelo’s company and seller Stockbridge Capital Partners were\u00a0expected to be finalized by September, but will now probably be delayed until at least early 2018. San […]<\/p>\n","protected":false},"author":42,"featured_media":61853,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18,1],"tags":[],"acf":[],"yoast_head":"\n
SLS Las Vegas Sale Price Tussle Means Final Deal Likely Delayed<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n