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SLS - Nazarian loses control after embarrassing past surfaces

Discussion in 'LV Strip Hotels & Casinos' started by VegasLambie, Dec 16, 2014.

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  1. VegasLambie

    VegasLambie Tourist

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  2. pleepleus

    pleepleus 2016 - The monkey is back

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    He never really had control of that property to begin with.
     
  3. VegasLambie

    VegasLambie Tourist

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    Totally but he was the "name" and "face" attached to it so I thought it was interesting. I don't think a lot of people who aren't as savvy about this stuff as you would know about the ownership details.
     
  4. Funkhouser

    Funkhouser In Charge of the Big Door

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    In the grand scheme of things, I don't really think it matters a hill of beans.
    I don't think his vision for the place has really caught on, and far more experienced people are running the property.

    Having a guy with questionable history is not something you want hanging on your neck and I am sure made investors and creditors nervous.
     
  5. 44inarow

    44inarow VIP Whale

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    Honestly, the most shocking part of that story was the fact that the GCB actually recommended him for a gaming license.
     
  6. UTE

    UTE Plastics

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    Many casinos in Las Vegas aren't run by the owners. They can contract that out or have a business partner run it.

    Bill
     
  7. Someone

    Someone High-Roller

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    how long until we see the Sam Nazarian TV show :thumbsup::evillaugh ......special opening night guest Ace Rothstein
     
  8. simundo26

    simundo26 Low-Roller

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    lol suge still shaking people down for money
     
  9. dmr

    dmr Registered Abuser

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    ROFL!

    [​IMG]

    :)
     
  10. LolaDoggie

    LolaDoggie VIP Whale

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    He's probably still a lot cleaner than any of the bosses from the old days. I see the headline, read the story and I'm like...that's it? Kind of a let down.
     
  11. Labeeb

    Labeeb Low-Roller

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    All that's needed are the Aces High Dancers...
     
  12. Joe

    Joe VIP Whale

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    SLS change in ownership

    Sorry if this was already posted.

    The board's routine vetting of Nazarian, who applied for a gaming license, has now thrown his Vegas plans into disarray. Investigators unearthed recent cocaine use — along with about $3 million in payments to a felon with convictions for drug possession and money laundering. Some of the money was paid to a convicted racketeer and Death Row Records founder Suge Knight.

    http://www.latimes.com/business/la-fi-nazarian-vegas-20141217-story.html#page=1
     
    Christmas
  13. vegasfan2010

    vegasfan2010 Tourist

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    I hope SLS remains.
    It is a nice place and the north end needs it.
     
  14. mrem3200

    mrem3200 High-Roller

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    Yes they do need the SLS the problem is that they need a lot more to make it viable.
     
  15. StormHawk

    StormHawk High-Roller

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    Naz killed Tupac. It all makes so much sense.
     
  16. JeJas

    JeJas VIP Whale

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    Good wish.
    But I failed to see a chance for SLS to survivle 2 years.
     
  17. Funkhouser

    Funkhouser In Charge of the Big Door

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    They could make it. Using my back of the napkin ciphering (Jethro Bodine Math) First line debt is around 420 million which is mostly the Sahara mortgage they bought up, and second line debt is around 300 million renovations debt. Throw in credit line and operating capital. I thought back when this project was going on, they had an offer for 10 year bond in the 6 to 6.5%. So maybe they have to service an interest debt to bond holders of around 21 million a year interest + bond redemption costs + operating costs + original mortgage.

    If they could generate revenues in the neighborhood of Circus Circus (200 million per year) I think they could make it. They definitely have to up their game. I'm not quite sure what they are positioned as right now.
     
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