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LAS VEGAS (AP) — Los Angeles nightlife mogul Sam Nazarian who turned the Sahara hotel and casino into the SLS Las Vegas is selling his 10 percent stake in the struggling property to his business partner on the project.
The deal confirmed Tuesday makes Stockbridge Capital Group the 100 percent owner of SLS Las Vegas and converts Nazarian's SBE Entertainment Group management contract into a licensing deal preserving the SLS brand name on the property.
Nazarian stepped aside from managing the SLS after being grilled in December about past drug use and business dealings by Nevada casino regulators who granted him a one-year limited license.
Stockbridge director Terry Fancher and Nazarian are describing the shift as a win-win. Fancher says it allows the SLS Las Vegas more flexibility to switch out brands and restaurants.
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