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Sahara Hotel and Casino To Be Sold To an Investor Group
Sahara Hotel and Casino, one of the landmarks of Las Vegas, is set to be sold by its owners to an investor group.
Sahara is well known for being the setting of the original Ocean's 11 film, and is highly associated with the Rat Pack.
Until the sale, The Sahara had been managed by Gordon Gaming since its pioneer, William Bennett, acquired the property in 1995 for $193 million. Over $100 million was spent by Bennett on the property until his death in 2003.
Los Angeles-based SBE Entertainment Group LLC officials, as well those as from San Mateo, California-based Stockbridge Real Estate Funds, let on that a contract has been entered into by their respective companies to purchase the casino from Gordon Gaming Corp., the present owner of Sahara. Terms of the deal are still currently undisclosed.
"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," said SBE Entertainment CEO Sam Nazarian.
The contract included the sale of a 17.5-acre land located on the north end of the strip along with the casino property which houses 1,720 rooms. Although Sahara is known for being one of the oldest properties on the Strip, it has lost most of its high-end customers since the more elaborate gambling casinos moved south.
Tuesday, March 20 , 2007
Victor Copeland