SLS Las Vegas announced Tuesday it will be bought by Alex Meruelo and Meruelo Group. They currently own the Grand Sierra Resort Hotel & Casino in Reno.
Neither company released the purchase price. The media release announcing the sale indicated they expect the transaction to be completed by the end of the third quarter of this year, pending regulatory approval from the Nevada Gaming Control Board and Nevada Gaming Commission.
The SLS is owned by Las Vegas Resort Holdings, LLC a private company. The SLS, a renovation of the old Sahara, reopened in August 2014, but suffered from ownership issues and stiff competition vying for a younger demographic said to be more interested in nightclubs and upscale dining rather than casino gambling.
The Meruelo Group website describes the company as a minority-owned and operated holding company, with roots dating back to 1986, with interest in construction and engineering, hospitality and gaming, television, radio, real estate, food services and private equity.