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SBE, Stockbridge Complete Sahara Acquisition

LAS VEGAS-The new owners plan to renovate and revitalize the north Strip property, which reportedly sold for between $300 million and $400 million.

By Brian K. Miller | Updated on August 02, 2007

LAS VEGAS-SBE Entertainment Group LLC of Los Angeles and San Francisco-based Stockbridge Real Estate Funds have completed their acquisition of the Sahara Hotel & Casino here from Las Vegas-based Gordon Gaming Corporation, a deal first announced in March. The new owners reportedly paid between $300 million and $400 million for the property and plan to invest additional dollars to renovate and revitalize the 55-year-old asset.

The 1,720-room hotel-casino, featured in the original “Ocean’s Eleven” film starring Frank Sinatra and Dean Martin, covers 18 acres fronting the north end of the Las Vegas Strip. While a definitive timeline for the property’s renovation remains in flux, SBE CEO Sam Nazarian of Los Angeles says the new owners “have an exciting vision for this property.”

SBE, which has hotel, nightclub, restaurant and film divisions, has assumed management of the hotel and its associated food and beverage operations. Sahara’s 85,000-sf casino will be operated by Navegante Group, a casino management and development company owned by Las Vegas casino executive and entrepreneur, Larry J. Woolf.

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