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\t \t \t \tLos Angeles nightclub impresario Sam Nazarian opened his latest SLS hotel with the usual flair. Champagne flowed, rock tunes blared, celebrities preened and fireworks exploded from the trendy hotel’s roof on the Las Vegas Strip.<\/p>\n \tThe light show cast an eerie glow on a neighboring property: the defunct, half-built Fontainebleau Resort. The liquidated hotel and casino, encircled by a weed-choked lot, is a reminder of how quickly fortunes change in Las Vegas.<\/p>\n \tNazarian is making an $800-million bet on the decaying northern reaches of the Strip. The SLS Las Vegas, opened this summer, rose from the bones of the old Sahara Hotel and Casino, replacing Middle Eastern kitsch with modern flash.<\/p>\n \t"People were very skeptical that this project would even open," said Nazarian, founder of SBE, the largest nightclub operator on the West Coast.<\/p>\n \tLas Vegas has a long history of killing fanciful casino dreams. But Nazarian is wagering that his Midas touch with swanky nightclubs and stylish hotels in L.A. will pay off in Sin City.<\/p>\n \t"The SLS is a milestone for so many reasons, not just for me personally but for the company," he said.<\/p>\n \tIf the project thrives, Nazarian can take credit for helping to spark a renaissance in a stretch of Las Vegas crowded with liquor stores, one-hour wedding chapels and seedy motels.<\/p>\n \tA success would also prove that Nazarian can hold his own against Las Vegas’ casino giants, including MGM Resorts International, Caesars Entertainment and Wynn Resorts.<\/p>\n \tBut Nazarian is doing it his way. He’s counting on the SLS to flourish because of the hotel’s restaurants and nightclubs \u2014 not gambling.<\/p>\n \tThe 1,600-room SLS in Las Vegas is by far the biggest of the six hotels that his company, SBE, has opened so far, and it sits in a neighborhood at a crossroads.<\/p>\n \tlRelated Couple wins $2.4 million from fabled Las Vegas slot machine \tAcross the street from Nazarian’s casino, MGM Resorts has purchased 34 acres to build an open-air concert venue, called Rock in Rio, to host 80,000 people. It is scheduled to open in May.<\/p>\n \t"That would make the SLS an attractive place to stay," said Stephen Brown, director of the Center for Business & Economic Research at the University of Las Vegas.<\/p>\n \tNazarian’s hotel is just two blocks from the Las Vegas Convention Center, which drew 1.2 million visitors last year. The Las Vegas Monorail also stops near the entrance to the SLS.<\/p>\n \tLas Vegas Councilman Bob Coffin, who represents the SLS neighborhood, said several nearby developments are in the pipeline but declined to disclose details.<\/p>\n \tStill, the project must overcome some serious obstacles.<\/p>\n \tThe idea, first of all, is fun. I think Las Vegas has gone away from fun. \tIn addition, violent crime in the area north of the SLS climbed nearly 8% in the first 10 months of 2014 while crime citywide fell 2%, according to the Las Vegas Metropolitan Police Department.<\/p>\n \tIn early October, less than two months after opening, the SLS Las Vegas laid off about 2% of its 3,000-member staff. Hotel officials described the move as an adjustment based on staffing needs.<\/p>\n \tFor the SLS to overcome the area’s hurdles, Nazarian, 39, said he needs to draw visitors who fit his own demographic: young, 30-something club hoppers who earn at least $50,000 a year.<\/p>\n \tBy tapping a database of 5 million past visitors to SBE clubs, lounges and hotels, Nazarian can send out email blasts and promotional deals to lure those guests.<\/p>\n \t"We want to create a special home for them," said Arash Azarbarzin, SBE’s hotel division president.<\/p>\n![\"\"](\"http:\/\/i58.tinypic.com\/k9cmfk.jpg\")
\n\tLos Angeles nightclub operator Sam Nazarian bought the former Sahara Hotel and Casino, closed it, then renovated and reopened it as the SLS Las Vegas.<\/span><\/p>\n![\"\"](\"http:\/\/i58.tinypic.com\/qph11w.jpg\")
\n\tCleo is one of the signature restaurants inside the SLS Las Vegas. Sam Nazarian owns and runs most of the nightspots and eateries in the SLS.<\/span><\/p>\n![\"\"](\"http:\/\/i60.tinypic.com\/2n8a35x.jpg\")
\n\tDean Martin and other Rat Pack members are honored with their images in the carpet at the SLS Las Vegas. The renovated property rose from the bones of the old Sahara Hotel and Casino, one of the Rat Pack’s hangouts.<\/span><\/p>\n
\n\tNATION NOW
\n\tCouple wins $2.4 million from fabled Las Vegas slot machine
\n\tSEE ALL RELATED\t
\n\t8<\/p>\n
\n\t– Sam Nazarian, Los Angeles nightclub impresario
\n\tAny development near the SLS must contend with the shadow of the Fontainebleau, a 68-story casino, hotel and condo project that was abandoned when the recession struck. The new owner, Icahn Enterprises, didn’t respond to requests for comment. The SLS hotel’s closest casino neighbor, the Stratosphere Casino, Hotel & Tower, has struggled with flat revenue and empty storefronts.<\/p>\n