LAS VEGAS -- The latest evidence that the shuttered Sahara resort will rise from the ashes appeared Wednesday when Moody's Investors Service revealed financing plans for the proposed new SLS Las Vegas casino.
Moody's reported that Stockbridge/SBE Holdings, the company affiliated with hotel and nightclub entrepreneur Sam Nazarian, is seeking a $300 million first-lien loan and a minimum $115 million junior loan to help finance the renovation and construction of SLS Las Vegas on the north end of the Las Vegas Strip. The opening is scheduled for the second quarter of 2014.
The company plans to combine those loans with $329 million in equity to finance what would be a $744 million project.
SBE, through a spokeswoman at its offices in Los Angeles, declined comment today on the future plans.
But some of those plans were revealed by the company in November at a Clark County Commission meeting. Commissioners were told the company would reopen as a 1,622-room hotel with upgrades to the casino and three hotel towers, along with the addition of a beer garden. Thrill riders would be out of luck, though, as the company intends to dismantle the roller coaster.
The Sahara closed in May after a 58-year run. Nazarian's SBE Entertainment Group purchased the property in 2007 for an estimated $300 million to $400 million.
SBE, founded in 2002, describes itself this way on its website: "SBE believes hospitality, like art, is not something to confine to one definition alone. Rather, SBE views hospitality as fluid and ever changing, influenced by culture, preference and an innate desire in us all to enjoy something meaningful."
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