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Sayonara: Nazarian Out At SLS

By Chuckmonster on Tuesday, 16th December 2014 3:59pm
  » filed under Las Vegas  comments: 11


It appears that sbe CEO and VT reader Sam Nazarian isn't a gambling man after all.

Weeks after being denied a gaming license in favor of a one year temporary license by Gaming Control Board - a grilling which revealed extortion plots and a failed drug test - Nazarian and co owner Stockbridge have elected to not roll the dice on the second part of licensure process, a hearing with the Nevada Gaming Commission.

Being denied, found unsuitable or having a license revoked by the Nevada Gaming Commission is essentially the kiss of death for having anything to do with operating a casino in Nevada.

Always one to seize every opportunity as a PR opportunity, Sam Nazarian released a statement:

I am extremely proud of what our sbe team has accomplished these past eight years, culminating in the August opening of the SLS Las Vegas, which has been a powerful catalyst for the revitalization of the north end of the Strip. With the extremely talented executive team led by Scott Kreeger and our dedicated work force at the resort, I feel my professional efforts are more productively focused on the long-term growth of sbe brands throughout North America.


Stockbridge CEO Terry Fancher put less sugar on his dick punch:

Following a recent hearing by members of the Nevada Gaming Control Board, we have made a collective decision to change the operating structure for the property, which Sam and I agree is in the best interests of the SLS Las Vegas.

No shit Sherlock. If Nazarian gets denied, Stockbridge/sbe will probably have to sell the joint.

I have a hunch that this isn't the last we're going to hear about this topic.

Amazing how prescient Lunchboxcity's comment on Caption Sam Nazarian post August 27th is.

Tagged: sbe   sam nazarian   sls   stockbridge   gaming control   sayonara   


Comments & Discussion:

Stepping aside this close the NGC hearing probably means that he was quite likely going to be denied a license and this way he does get to save some face.

Like I said in the thread I started in the board section, even if he were to have been granted a limited license, it was a bit of a no-win situation for him. Even if he kept himself out of trouble on all fronts for the year that the limited license would have been valid, it wasn't guaranteed that he'd get it renewed or be recommended to get a full license. Some of the stuff that came out in the hearing was the sort of stuff that got Ted Binion's license revoked.

I open a hotel and expect it to be super awesome level immediately because I'm a super cool guy and it ends up operating on a "meh..." level for 3 months and now I want out. Oh wait, an inconvenience from the gaming board? Perfect excuse to leave. K bye guys!

How can someone leave who really wasn't there? He knew he wasn't going to get a gaming liscense so he walked away with a smile and an empty hotel. So, who will step up and buy the place?

Wynn should buy this place for a song, run it on the down low as Steve's Little Secret or whatever, and tear 'er down if the market in North Vegas improves. It's a lot of land (including the plot on the other side of Paradise) with proximity to convention center and the Rock in Rio venue, which fits Steve's business mix of the suit/tie set and party kids.

Failing that, depending on how big a bath SBE & Friends take it might be snapped up by somebody like Derek Stevens. I think some out of the box thinking is required to get people to that location, and some of those ideas are maybe a bit more rooted in downtown thinking. Imagine validating a monorail ticket at the cage to get it paid for, that sort of thing.

Short & Sweet- LOL & IMMD. Suck it, Sammy!

If I was Penn National, I would definitely take a look at it....

Sammy Boy got the one year license after all:


Based on the announcement a few days back, it sounded like he wasn't going to be pursuing any sort of license. The Gaming Control Commission did make some changes to the GCB's recommendations though, requiring that the random drug tests occur no less than every three months and will include hair and urine samples. Based on what the Chairman of the GCC said, it looks like they're going to put him through the ringer over the next year and this will either end badly for Sammy or maybe gives him a new start.

Apparently this week, SLS stands for "So Long, Sam!"

we hardly got to know him

Thanks for the shout-out Chuck! But I'm hoping SLS can survive up there without him. Without it, development up north appears to be doomed.

I think Stockbridge is going to pull out at some point. there's some rule in CA that says you can't run a cardroom (Hollywood Park) and a casino in Vegas. considering that the rams might be coming back to LA, Stockbridge will probably focus more on CA.

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