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Breaking News: Sahara Has Been Sold - Sayonara in the Cards

By Chuckmonster on Saturday, 3rd March 2007 3:10am
  » filed under Las Vegas  comments: 0


The legendary Sahara Hotel and Casino has been sold to a private investment firm Stockbridge Real Estate Funds and SBE Entertainment. Specific terms of the deal have not been disclosed however the press release does mention that SBE/Stockbridge plans to "reposition" and upgrade the property.

SBE entertainment operates a number of hotels (Miami Ritz Plaza, Le Meridien in Beverly Hills, a bunch of bars & night clubs, tons of rental properties and some restaurants that are right near the VegasTripping office ('The Abbey' has good food & bad service).

Let's say it all together... sayonara Sahara!

Stockbridge Real Estate Funds ("Stockbridge") and Gordon Gaming Corporation ("Gordon Gaming") announced today that SBE and Stockbridge have reached an agreement with Gordon Gaming to acquire Las Vegas' renowned Sahara Hotel & Casino. SBE and Stockbridge intend to utilize their extensive redevelopment experience to reinvigorate the property and the Las Vegas Strip. The announcement was made by SBE's CEO, Sam Nazarian; Terry Fancher, the Managing Partner of Stockbridge, and Gordon Gaming's CEO, Al Hummel.

Upon the closing of the transaction, SBE will manage the hotel and its associated food and beverage operations via its operating subsidiaries, SBE Hotel Group and SBE Restaurant and Nightlife Groups. Sahara's casino will be operated by Larry Woolf's Navegante Group under a lease arrangement.

"The Sahara is one of the last remaining original properties on the Las Vegas strip, and we are thrilled with the possibilities that it presents," commented Mr. Nazarian. "Our plan is to reposition this legendary property for a new generation of travelers, while preserving its existing scale. We look forward to making the Sahara the most important property on the North end of the Strip. We are equally excited to be partnered with Terry Fancher and the Stockbridge team to make this vision a reality."

"We are very pleased to turn over the Sahara to this fresh and exciting partnership. We trust that SBE and Stockbridge will carry on the legacy of the Bennett family in creating a premier entertainment destination for the 21st century," noted Mr. Hummel. "We are especially thankful to our friends at Northern Trust for overseeing this process on behalf of the Bennett family."



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