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LAS VEGAS (AP) — The SLS Las Vegas hotel and casino is under new ownership.

The Las Vegas Review-Journal reported Tuesday that Alex Meruelo and Meruelo Group, owners of the Grand Sierra in Reno, have agreed to purchase the SLS Las Vegas for an undisclosed amount from Stockbridge Capital Partners.

The companies announced in a joint statement that the transaction is subject to regulatory approval and is expected to be completed in the third quarter of this year.

The SLS Las Vegas, formerly the Sahara, opened in 2014 after a $415 million upgrade. The resort, which operates 1,327 rooms, had struggled initially to generate a profit, in part due to its location on the Strip’s northern end.


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