The $415 million SLS Las Vegas hotel and casino received a recommendation for licensing approval from the Nevada Gaming Control Board, paving the way for the operators of the new Las Vegas resort to receive final approval from the Nevada Gaming Commission on August 21.
Regulators approved the license application of Stockbridge Real Estate of San Francisco and SBE Entertainment, a subsidiary that will oversee the management of the SLS Las Vegas when it opens on August 23.
Stockbridge is the majority owner of the hotel and casino, holding a 90 percent stake in the 1,600-room establishment. The remaining 10 percent is owned by SBE, although SBE’s stake doesn’t come with voting rights.
Before the official approval of the license, regulators imposed a number of conditions on the owners, including a request that SBE CEO Sam Nazarian won’t have any management influence over the casino’s operations until he gets a license in the state. Regulators are required to conduct thorough background checks and investigations on the parties involved. Unfortunately, the background check on Nazarian and his businesses have yet to be completed.
The holdup over the background check isn’t expected to derail the opening of the SLS Las Vegas or cause any delays in the Gaming Commission’s decision to grant the gaming license to the company. Gaming Control Board Chairman A.G. Burnett indicated to the Las Vegas Review Journal that it was a priority for the board to complete its background check on Nazarian.
The Gaming Control Board has agreed to a request by SLS attorney Tony Cabot to put SBE’s shares into an escrow account until the company and Nazarian are officially licensed.
Stockbridge CEO Terry Fancher will have full authority over the property whereas SLS Las Vegas President Rob Oseland be in charge of managing the casino’s day-to-day operations and will report to Fancher.
While the SLS Las Vegas is close to opening its doors to the public, a $250-million casino proposal in New York isn’t even getting off the ground after getting its bid disqualified.
The New York Gaming Facility Location Board voted to disqualify the license application of the Clairvest Group and Great Canadian Gaming to develop a casino in Amsterdam, New York after the developers failed to fulfill all the application requirements.
With the Toronto-based developer out of the picture, the number of developers competing for a license in the Albany region has been whittled down to four applicants, including Cobleskill, East Greenbush, Rensselaer and Schenectady.
