Power Party In Vegas!
This is turning out to be quite the eventful month for Meruelo Group — just two weeks ago it was announced that Meruelo Media Group was dropping $82.75 million to buy KPWR (Power 106)/Los Angeles from Emmis — now comes word that Las Vegas Resort Holdings LLC, owner of the SLS Las Vegas, has agreed to sell the resort to Meruelo Group, which also owns the Grand Sierra Resort & Casino in Reno. Terms of the deal were not disclosed. The transaction is expected to close in the third quarter of 2017, subject to required approvals.
“This is a once-in-a-lifetime opportunity to acquire a premier gaming property on the world famous Las Vegas strip,” said Alex Meruelo, Chairman and CEO of Meruelo Group. “We look forward to bringing our experience and successful track record as a casino/hotel owner, and to leverage our Los Angeles-based media and entertainment properties to position the SLS as one of the most desired destinations in Las Vegas.”
SLS Las Vegas opened in August 2014 after a total renovation of the historic Sahara Hotel & Casino. In 2015, SLS Las Vegas announced a long-term agreement with Starwood Hotels & Resorts Worldwide (now Marriott International) to convert a portion of the hotel to the W Hotel brand. The 289-room W Las Vegas opened in December and is managed by Marriott International. The remaining 1,327 guest rooms are operated as SLS Las Vegas, a Tribute Portfolio Resort, under a franchise agreement.
