Sahara Hotel and Casino Las Vegas purchased by SBE Entertainment Group LLC from Los Angeles, CA real estate and Stockbridge Real Estate Funds from San Francisco, CA. Acquisition of the 55 year old hotel took place this week from Gordon Gaming Corporation from Las Vegas, Nevada. The casino buyer’s paid anywhere from $300 to $400 million with an additional investment into the revitalization and renovation of the aging property.
The Las Vegas casino was in the original “Ocean’s Eleven” movie starring Dean Martin and Frank Sinatra. The real estate on the Las Vegas Strip encompasses 18 acres with 1,720 rooms. SBE has new ideas and a renovation for the future of this property.
The 85,000 square foot Sahara casino will be operated by a casino management and development company named Navegante Group. This company is owned by Larry Woolf, a Las Vegas entrepreneur and casino executive. SBE will be the new management of the food, beverage and hotel operations.
Navegante has a one year lease to operate the casino while SBE Entertainment and Stockbridge executives apply for a gaming license. If necessary, Navegante’s lease can be extended for an additional year.
Several other major developments on the North Strip, surrounding the Sahara property, are in development. Several months ago Christopher Milam, a Texas developer, paid $40 million on an option to purchase 27 acres on the Strip for $475 million. This development is called the Milam Tower. The tower is projected to be the tallest building in the Western hemisphere within a $5 billion development. James Packer, an Australian billionaire, will be a partner in the mega resort.
MGM Mirage Inc. several months ago purchased 33.5 acres of land for $576 million. Kerzner International Holdings Ltd and MGM Mirage Inc. signed a letter of intent to develop another multi billion mega resort similar to Project CityCenter Las Vegas. Source: Globe St.
Sahara hotel Las Vegas purchased by SBE Entertainment for up to $400 million.
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