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\tSam Nazarian, the businessman who led the creation of SLS Las Vegas, is selling his ownership stake in the financially struggling Strip resort and his company will no longer manage the property.<\/p>\n
\tSan Francisco-based real estate investment firm Stockbridge Capital Partners, which already owns 90 percent of the resort, is buying the 10 percent that Nazarian and his family own, the Wall Street Journal reported this morning.<\/p>\n
\tNazarian\u2019s company, SBE Entertainment Group, will transition from a management agreement to a licensing agreement with the hotel. That will allow the SLS branding and operations to continue unchanged, but SBE will not be involved with running the resort \u2014 similar to a franchise arrangement.<\/p>\n
\tTerry Fancher, the executive managing director of Stockbridge, said in a statement that the change \u201cbenefits all parties involved,\u201d including guests, employees and the companies behind the resort.<\/p>\n
\t\u201cIt is more efficient from a cost and operational standpoint and will give the SLS Las Vegas flexibility to introduce new brands or restaurants from time to time to further improve guest experience and strengthen financial performance,\u201d Fancher said in the statement.<\/p>\n
\tNazarian was once the public face of SLS Las Vegas, but he stepped back from day-to-day operations amid dramatic appearances before Nevada gaming regulators at the end of last year. Since then, he has apparently shifted his focus to larger projects for his company, including a possible merger with Morgans Hotel Group Co., according to the Journal.<\/p>\n
\tNazarian\u2019s statement today suggested that the SLS management change was a natural one.<\/p>\n
\t\u201cWe believe formalizing this transition is a win-win for the thousands of hotel employees and guests of SLS Las Vegas,\u201d Nazarian said. \u201cThe resort remains a valued member of the expanding collection of SBE-branded and managed luxury hotels across the country and the globe.\u201d<\/p>\n
\tSince its opening in August 2014, SLS has fought to overcome its out-of-the-way location on the far end of the north Strip, among other challenges. The resort has made numerous high-profile changes \u2014 such as hiring a new president, closing its buffet and revamping its loyalty club \u2014 while facing strong financial turbulence.<\/p>\n
\tThe resort\u2019s net loss for the first half of 2015 was about $84 million.<\/p>\n
Posted by:<\/strong> Dr Crapology on October 9, 2015, 1:19 pm<\/p>\n \tRose and Doc<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Sam Nazarian, the businessman who led the creation of SLS Las Vegas, is selling his ownership stake in the financially struggling Strip resort and his company will no longer manage the property. San Francisco-based real estate investment firm Stockbridge Capital…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-9153","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/9153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=9153"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/9153\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=9153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=9153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=9153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}We have never been to SLS since its reincarnation from The Sahara. Maybe they will make great improvements and be a great place to go. <\/p>\n