It shouldn’t come as a surprise that Sam Nazarian (sbe) decided to sell their 10% Of SLS Las Vegas. SLS Las Vegas has gotten off to such a bad start since opening in 2014 that they’ve made drastic changes like closing the nightclub, removing brand names from stores and restaurants, refreshing their players club to a more locals friendly model and more.
SLS Las Vegas isn’t the cool, hip casino originally planned and this basically seals the nail in that coffin.
Stockbridge Capital will operate the casino-hotel for the time being. Earlier this year I speculated that SLS Las Vegas was on the road to becoming Cosmopolitan Jr. but I don’t think that will be the case moving forward. The executive staff at SLS Las Vegas is doing everything they can to change the image of the property. By the time Stockbridge sells SLS there won’t be any cross marketing opportunities for Cosmo and SLS to make any sense.
I really like the hotel rooms at SLS Las Vegas and the Umami Burger/William Hill sports book but I’m not sure there’s a compelling reason to visit more often. I’d like to see the property do better but I think that will take new ownership. We’ll see.
Read more about “Nazarian to Sell Stake in SLS Las Vegas Hotel” at the Wall Street Journal