Alex Meruelo, the media-shy billionaire who owns the SLS Las Vegas casino, has been approved by NHL commissioners to acquire the Arizona Coyotes hockey team. The purchase for an undisclosed amount is expected to be finalized sometime in July.
The Coyotes are a hard-luck team that hasn’t performed in the play-offs for years and filed bankruptcy 10 years ago. Attendance has been low for a dozen years and the Gila River Arena in Gila is not a highly regarded venue.
Deputy Commissioner Bill Daly said the commission is hoping to reverse that course, one reason Meruelo was considered “an attractive potential owner.” The billionaire entrepreneur has a reputation for righting failing companies, and not by the tried-and-true method of breaking them apart and selling the pieces. That’s what he did for the Grand Sierra Resort and SLS Las Vegas. He also owns the Grand Sierra Resort in Reno, the largest casino resort in that market. He likes saving companies and then keeping them.
His purchase makes him a member of an exclusive club: casino owners who also own sports teams.
Unlike most sports leagues that have had a history of hostility towards the gaming industry, the NHL has built up a relationship with that industry through hosting season awards shows at such resorts. The league also approved of a franchise based in Las Vegas. It’s unclear whether there will be any restrictions on betting on the Coyotes in Merulo’s properties, but it’s likely to mirror the ban on betting on the Houston Rockets, controlled by Golden Nugget owner Tilman Fertitta.
