Via Flicker user Terry Hassan
The Sahara Hotel and casino, once a "Rat Pack-era jewel of the Las Vegas Strip," according to the Los Angeles Times, will close this May. Owned by Sam Nazarian's SBE Entertainment and San Francisco-based private equity firm Stockbridge Real Estate Group, who bought the site for roughly $300 million- $400 million in 2007, according to the Las Vegas Review Journal, the hotel is "no longer economically viable" to keep operating, said Nazarian in a statement. "We are working with our partners to assess a variety of options for the property, including a complete renovation and repositioning," he said. And more from the Journal: "Nazarian said he still hopeful the north end of the Strip can be redeveloped. The area has been hit hard by the recession. Boyd Gaming Corp. stopped construction of the Echelon project in August 2008 while work halted on the Fontainebleau development in April 2009 after the property went bankrupt.
The lone bright spot occurred Wednesday when gaming regulators approved the takeover of the bankrupt Riviera by financier Barry Sternlicht." Meanwhile, Nazarian recently launched a real estate venture in Los Angeles and announced plans to bring his nightclub Hyde to the Strip.
· Sahara Hotel to close on May 16 [LVRJ
· PR Newswire: Sahara Hotel & Casino Announces Plans to Close