SLS Las Vegas Loses $48.7 Million In Second Quarter
LAS VEGAS (AP) — Losses at the SLS Las Vegas hotel-casino continue to grow.
The former Sahara casino-hotel that was rebranded and reopened a year ago reported it lost $48.7 million in the second quarter including $5.7 million at its restaurants and bars. The property has lost $35.3 million in its first quarter.
The hotel-casino sits isolated on the northern edge of the Las Vegas Strip.
SLS Las Vegas President Scott Kreeger recently told Nevada Gaming Control Board members the property doesn't benefit from foot traffic. He says the property is focusing on cutting expenses, shifting from nightclub to live entertainment offerings and attracting locals and convention-goers.
Owner Stockbridge/SBE Investment Co. LLC says its partners have covered revenue shortfalls.
Stockbridge has spent $13 million since the end of June to cover the hotel-casino's operations.