After his 10-week long slap on the wrist, Sam Nazarian has returned to his spot atop sbe Entertainment Group, the company behind SLS Las Vegas. After admitting to cocaine use, Nazarian saw his gaming license reduced to a restricted one, but has gone back to his company, where he will take over as chairman and chief executive, in addition to the title of president.
Sam Bakhshandehpour, the fill-in CEO and president, stepped down by mutual agreement according to Nazarian, and will purse advisory and investment work in the hospitality industry. Cain Hoy Enterprises, a private-equity firm, held three of eight SBE board seats, but has decided to cut back on its ties with the company. They will abandon all chairs, and leave plans to buy and develop hotels for SLS.
Nazarian’s father and brother serve on the company’s board, and Nazarian said he will appoint two or three other directors in the near future. In addition to his cocaine use, he said he had been extorted into paying $3 million to a convicted felon and others connected to him.
The 10-week sabbatical allowed Nazarian to “self-reflect.” The doctors determined he did not have an addiction and was now drug-free. He is now in the process of obtaining a full casino license. When it comes to the struggling SLS, Nazarian said, “We have had challenges and we are adjusting to those challenges,” but did not go into further detail.
Scott Kreeger has been president of SLS for about four months, replace the original leader, Rob Oseland, who joined former Wynn associate Andrew Pascal in planning a project for Crown Resorts on the former Frontier site, across from Wynn Las Vegas.
