Sam Nazarian relinquishes control of the SLS Las Vegas
Chief Executive Officer of SBE, Sam Nazarian, has relinquished control of the SLS Las Vegas after the Nevada Gaming Control Board unearthed recent cocaine use and $3 million in payments to a felon with convictions for drug possession and money laundering — some of that money was paid to Death Row Records founder, Suge Knight. Nazarian created a billion dollar empire for himself as the premier nightlife entrepreneur in Los Angeles, creating popular restaurants and clubs which include Umami Burger, Katsuya, and many more. He then parlayed his success into opening hotels in Beverly Hills, Miami, and recently opened a 1,600 room hotel in Vegas in August. An additional 8 SLS Hotels were to open before 2016 including locations in New York, Bahamas, and Beijing.
After applying for a gaming license (the state of Nevada requires anyone with over a 5-percent ownership stake in a casino to have one), investigations heated up and eventually caused Nazarian to give up control to his primary investor Stockbridge Capital. Strockbridge’s Executive Managing Director will oversee all hotel operations moving forward.
Via: LA Times