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CA Investors To Buy Sahara Property

LAS VEGAS-The hotel and casino immortalized by the Rat Pack is selling to Los Angeles-based SBE Entertainment Group LLC and San Mateo, CA-based Stockbridge Real Estate Funds.

By Daniel D. Williams | Updated on March 05, 2007

LAS VEGAS-The Sahara Hotel and Casino, the site once immortalized by the Rat Pack and the setting of the original “Ocean’s Eleven” film starring Frank Sinatra and Dean Martin, will have new owners. Los Angeles-based SBE Entertainment Group LLC and San Mateo, CA-based Stockbridge Real Estate Funds will acquire the property from Gordon Gaming Group for an undisclosed amount.

“The Sahara is one of the last remaining original properties on the Las Vegas Strip, and we are thrilled with the possibilities that it presents,” said SBE’s CEO, Sam Nazarian, in an official statement.

Developed in 1952, the Moroccan-style property is the northern most site on the Las Vegas Strip. The Sahara totals 1,720 rooms and has been managed by Gordon Gaming since it was acquired by William Bennett in 1995 for nearly $200 million. Estimates have Bennett having put another $100 million into the property since that time.

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