Nightlife mogul Sam Nazarian has had some bad press in recent months, ranging from allegation of possible former drug use to bad business dealings. The end result, was a one-year limited license from Nevada casino regulators. This combined with the dismal performance of his SLS Las Vegas led Nazarian to sell his 10 percent stake in SLS Vegas hotel and casino.
Stockbridge Capital Group confirmed the deal last Tuesday (according to the Las Vegas Sun) making them the 100 percent owner of the hotel and casino. In order to keep the SLS brand name, Nazarian’s company SBE Entertainment Group has transitioned to a licensing deal with Stockbridge.
Both Nazarian and Stockbridge director Terry Fancher see this as a win for both parties—Nazarian still gains profits from licensing, and Stockbridge now has more freedom and flexibility when it comes to the brands and restaurants on the property.