SBE owns just 10 percent of the property
Nevada gaming regulators have recommended that SLS Las Vegas be granted a state gaming license.
The 1,600-room resort, built around the core of the legendary Sahara resort, is scheduled to open August 23.
According to the Las Vegas Review-Journal, regulators put conditions on the gaming license. They asked that SLS developer Sam Nazarian, CEO of SBE Entertainment of Los Angeles, take no managerial role in the casino operations or share in the property’s gaming revenue until he is licensed by Nevada.
The Control Board agreed to a request by SLS attorney Tony Cabot that SBE’s share of the casino’s gaming revenue go into an escrow account until Nazarian and the company are licensed. SBE owns only 10 percent of the property; the remainder is owned by Stockbridge Real Estate. SBE also holds no voting rights, the Review-Journal reported.
“We have ultimate control of SLS Las Vegas, but that is not to diminish the control of our operating partner, Sam Nazarian,” Stockbridge CEO Terry Fancher told the Control Board. “Mr. Nazarian is a visionary. We wouldn’t be here without him.”
“I’m happy to see SLS Las Vegas move forward,” Control Board member Terry Johnson said. “This is a good project for that end of the Strip.” The license still must be approved by the Nevada Gaming Commission. The commission will meet August 21 to take final action on the license, according to the Las Vegas Sun.
