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How is SLS doing?

Discussion in 'LV Strip Hotels & Casinos' started by PSM, May 14, 2015.

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  1. PSM

    PSM Low-Roller

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    Although I'm not really a "clubby, boutique hotel" kind of guy, I have a special place in my heart for this particular location because I stayed at Sahara on my first ever trip to Las Vegas. And although it was an island, I really enjoyed it.

    I know SLS is a completely different type of hotel but I'm still hopeful that the main part of the Strip will eventually extend past Encore all the way down to the SLS corner. I personally define "main part of the Strip" as anywhere large numbers of visitors will regularly walk to from a previous hotel. At this point, I kind of consider that Mandalay Bay to Encore. Not a lot of "average" visitors made it down to Riviera, Circus Circus, or really past Encore or the Fashion Show Mall.

    Resorts World is a step in the right direction but that's a few years out, so how is SLS doing? Does it look like it could hold on long enough to eventually connect with the rest of the Strip, assuming Resorts World leads to more development between the two? Are people staying there? Playing there? Are they losing money? Running a successful business? I haven't been since before they opened and I likely won't be there any time soon to see first hand. Just curious.
     
  2. marcianofan

    marcianofan Low-Roller

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    I stayed there 3 days last week midweek and enjoyed it. The place was interesting to me, it had a very business feel to it in the morning, and changed to a younger crowd as the day progressed. I guess being close to the convention center you get some of that crowd early in the day. The restaurants seemed pretty busy, especially the 24 hr cafe and the noodle place and the Japanese place.Can't comment on umami burger or 800 degree pizza or bazaar meat. My room was really nice, much nicer than I was expecting, it was a lux tower suite. Got three nights comped basically just for signing up for players card. I barely played there when I visited last December. My only real gripe is I like to move around from casino to casino and it's not much of an option there. I'd definately stay there again if the rooms comped. On a side note, I killed them on BJ in the high limit room! Hope I get another comp for the suite again...
     
  3. DaiLun

    DaiLun R.C., L.C., and A.A.N.G.

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    They made a major re-org of the restaurants shortly after the opening, including first changing the buffet hours, then closing it completely.

    It's typically dead during the day and during the week. IMHO, they may last until Resort World or the other Asian themed casino opens at that end of the strip.
     
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  4. DavidR82

    DavidR82 Low-Roller

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    With the soon to start development of Resorts World, and eventual construction of another casino at the old New Frontier site by Crown Resorts, it looks like developers are betting on a revitalized strip. I'll be in town this weekend and will be checking SLS out, haven't been in town since it was opened.
     
  5. Fafa2e

    Fafa2e Low-Roller

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    I checked out the SLS when I was in Vegas over last Halloween weekend. I was there midday and it was pretty dead.

    I will be visiting again in a couple of weeks to visit a friend who is in a band and will be playing there on Friday and Saturday night. I will update after my trip what the vibe is like on a Friday and/or Saturday night.
     
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  6. LoveDowntownVegas

    LoveDowntownVegas Low-Roller

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    I was there two weeks ago - I just popped in for a beer and a little BJ after saying goodbye to the Riviera.
    I liked the overall look and feel of the casino. Enjoyed a beer under that LED canopy they have. Found a $10 BJ table and had a friendly dealer and pit boss.

    It was dead. Excluding the downtown casinos, I visited about 4 casinos that day (Aria, MC, Riv, SLS) and it was by far the quietest and slowest of them all.
    We're going back in August for a big birthday bash and this was a strong contender for the stay and play, but in the end we picked Mirage. I'd like to stay there sometime --- A lack of people at a casino actually appeals to me.
     
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  7. Scottndindy

    Scottndindy Low-Roller

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    Does sls have any decent bj games? S17. RSA. DAS. Surrender. ?
     
  8. thecarve

    thecarve Misanthrope

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    According to the April edition of the CBJN, they have three DD tables that are H17 and no doubling restrictions (.40% HA) and three Six deck games that are S17, allow surrender and RSA (.26% HA). They list the DD game as starting at $25 and the 6D game at $50.

    I can't confirm as I haven't been there yet. And, while it's probably the best resource on the topic, CBJN isn't always 100% accurate.
     
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  9. LoveDowntownVegas

    LoveDowntownVegas Low-Roller

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    $10 game was from a large shoe. 3:2 payout, DAS, didn't check on surrender. H17
     
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  10. kps

    kps High-Roller

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    I would think with the monorail running all the way down to them they would pick up some people from the other locations on the strip.
     
  11. Tellafriend

    Tellafriend High-Roller

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    They are struggling. If Resorts doesn't help them (which i doubt) they will fail.
     
  12. UTE

    UTE Plastics

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    SLS is doing better than people think. It's debt load is relatively light, compared to competitors, and (as a result) it does not need the volume of the larger resorts to succeed. Critics point to quick cuts out of the gate as signs of trouble, but analysts point out management acts fast when something needs tweeking - rather than riding a non-profitable concept into the ground.

    In addition to the above, the North Strip is showing corroborating signs of significant recovery. Last quarter saw American Casino & Entertainment Properties, Stratosphere 's parent company, hit profitability for the first time since the recession. And, concrete footings for the new Lucky Dragon casino/hotel (1 block NW of SLS) are being poured Wednesday, May 20th. The Walgreen's just across the street from SLS (North side) has been open for three weeks now.

    Bill
     
  13. Kickin

    Kickin Flea

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    Its debt load did seem relatively light, and earlier on I was one of its defenders because I thought it would attract a decent clientele and didn't need extraordinary numbers to survive. The early estimates for what they'd need to generate seemed pretty conservative so I thought it would meet them. I admit I was wrong.

    So far they have been doing way worse than those estimates and they're already looking at a liquidity shortfall of around $65 million. Stockbridge is going to put in another $40 million to help cover that. Fortunately the sponsor has the capacity to do that.

    Here's their 10-K for last year. http://www.sec.gov/Archives/edgar/data/1606965/000119312515114420/d885563d10k.htm

    There's really not any bright news in it. Of course it just covers the partial year but the numbers were so far below estimates you have to assume 2015 will be as well, and at that point they will be over-leveraged and the debt load won't seem light any longer. They've already been downgraded to junk with a negative outlook.

    I agree that its good that management can act fast when something isn't working out. But the bigger problem is that things aren't working out in the first place. It sucks too because I thought the idea sounded pretty nice in theory.
     
  14. UTE

    UTE Plastics

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    That's good info, Kickin. I'm remaining on the more optimistic side, willing to write off initial losses as something many similar new ventures experience for the first few years. Heck, there are major casinos on The Strip that have been open for five years that have still not hit profitability. Having said that, I get uncomfortable backing an entity in this industry surviving more than three years while losing money. That's typically too much of a drain unless the backers have very deep pockets.

    Bill
     
  15. waverunner

    waverunner BBHMM

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    I didn't realize Stockbridge Capital is trying to help SLS get through this.
    Stan Kroenke and Stockbridge Capital have bought the land at Hollywood Park and plan on building a new state of the art stadium along with other goodies in Inglewood.
    The feeling is the LA Rams are coming back and the relocation will finalize in the Fall. Rams and perhaps Chargers as well.
     
  16. vegasvic

    vegasvic VIP Whale

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    I've stopped in a couple of times including once last week. Last week was busier but that's probably because of Rock in Rio being last weekend. The first time I was there it was dead. In a way it reminds me of the Downtown Grand. They did a nice job redoing it but no one is there. That may change when RW opens.
     
  17. 44inarow

    44inarow VIP Whale

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    Surrender is allowed on pretty much any game but the DD (as per the pit boss I spoke to when I asked about surrendering a hand while playing DD -- figured it was worth a shot!). And the DD game is, as mentioned, H17 and no surrender, but otherwise all good rules.
     
  18. leo21

    leo21 VIP Whale

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    Resorts World won't open its first phase until 2018. I don't think they have that long. If they aren't picking up customers right now with Rock In Rio, they are in big trouble. It doesn't help to change management or restaurants and all that doesn't help if you are an afterthought to people. You can't just build it, declare yourself the cool kid and expect that to be enough.
     
  19. Aaron5

    Aaron5 Low-Roller

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    My Hard Rock host left to go to SLS before it opened and he just gave me a call to let me know he is now at Golden Nugget.

    I went to the SLS and only played for 10 minutes. They didn't have a good selection of machines.
     
  20. TIMSPEED

    TIMSPEED !địt mẹ!

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    Be honest, it was more like an hour ;) LOL
    FWIW, the only reason Aaron5 went to SLS was I dragged him there to pickup my cousin for my wedding, haha.
     
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