SAHARA Las Vegas News - Page 16

This month’s sale of the former New Frontier site is giving market speculators new hope that resort corridor land transactions could again become active.

The old Sahara’s location at a somewhat desolate intersection at Las Vegas Boulevard and Sahara Avenue was a disadvantage, said SBE Entertainment CEO Sam Nazarian.

The SLS Las Vegas will be christened the Strip’s newest resort in a lavish Friday-night VIP reception, with the property unveiled to the public shortly after midnight Saturday.

The 1,600-room resort, a redevelopment of the Rat Pack-era Sahara, is scheduled to open Aug. 23.

Commissioners approved a zoning change to make possible a $1.4 billion resort and arena project at the old Wet ‘n Wild site next to SLS Las Vegas on the north end of the Strip.

Bloomberg News Service reported Thursday that Australian billionaire James Packer had acquired a portion of the loan covering the 34.5-acre site and would consider building a hotel-casino on the land.

Operators of 1,600-room Strip hotel-casino, which opens Aug. 23, aren’t letting memories of the Sahara fade away.

Moody’s Investors Service recently downgraded its view of the U.S. gaming market from “stable” to “negative,” putting all the blame on regional gaming destinations where weak results have investors sweating.

To herald the opening date, a countdown will begin Tuesday morning on the north Strip resort’s new marquee.

The mixed-use property, which is owned by Chief Executive Officer of SBE Entertainment Sam Nazarian and has more than 1,600 guest rooms and suites, is expected to be completed by fall of 2014.

“The most important economic data points are all trending in the right direction,” says Station Casinos Chief Financial Officer Marc Falcone, who spent more than a decade as a Wall Street analyst. “The only place we’re not seeing it is in gaming revenue.”

Hakkasan Group announced Wednesday it will close the nearly 10-year-old club May 26 for an extensive renovation and expansion that will open in 2015.

In April, the company reported a 66 percent decline in earnings and a 15 percent decline in net revenue for the second quarter.

The mixed-use property, which is owned by Chief Executive Officer of SBE Entertainment Sam Nazarian and has more than 1,600 guest rooms and suites, is expected to be completed by fall 2014.

By the end of the year, Las Vegas will have about a half-dozen hotel-casinos that operators classify as “boutique,” “luxury” or “lifestyle” in their marketing efforts.

The $415 million SLS Las Vegas will become part of the Preferred Hotels & Resorts guest loyalty program, which includes a worldwide collection 450 of independent hotels and resorts.

SBE Entertainment CEO Sam Nazarian, owner of the Las Vegas Strip property, announced opening plans for Labor Day weekend.

The mixed-use property, which is owned by the CEO of SBE Entertainment, Sam Nazarian, and has more than 1,600 guest rooms and suites, is expected to be completed by fall 2014.

Los Angeles-based SBE Entertainment on Wednesday said it partnered with William Hill to operate the race and sports book inside the reconfigured casino, which is rising from the remnants of the former Rat Pack-era Sahara.

The work was just a small part of the ongoing renovation project, which also calls for stripping down and remodeling two of the property’s three hotel towers and demolishing a low-rise hotel building.