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sls SAM NAZARIAN IS SHAKING UP LAS VEGAS

Discussion in 'Casino Industry & Development' started by paperposter, Aug 8, 2014.

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  1. paperposter

    paperposter VIP Whale

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    http://www.fastcompany.com/3033354/the-party-starter

    The Bahamas deal came through, and in May he announced that he would sell the land and buildings of both the SLS South Beach and SLS Beverly Hills to generate cash. By way of explanation, Nazarian told Bloomberg News that his company was adopting an "asset-light model" to free up funds for additional developments. It was the exact opposite of the own-the-whole-package strategy he'd been talking up in Las Vegas. At dinner, Nazarian explains that he's just trying to take advantage of a hot real estate market--that his ultimate goal is to take the company public in 2016 or 2017 while giving up as little equity as possible. He's been studying the career of Conrad Hilton--a man who, like Nazarian, stumbled into his empire. "He didn't want to be a hotelier," Nazarian says. "As strategic as people think these great companies were, it was really the relationships, being in the right place at the right time."
     
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