New York (Reuters) – The Sahara Hotel & Casino, one of the oldest casinos on the Las Vegas Strip, is being sold by Gordon Gaming Corp. to a private investor group.
The buyers, SBE Entertainment Group LLC of Los Angeles and Stockbridge Real Estate Funds, on Friday said they plan to revamp the property, which was built in 1952 and is located on the Strip’s northern end.
Terms of the transaction were not disclosed.
The Moroccan-themed Sahara has more than 1,700 rooms, and was featured in the 1960 „Ocean’s Eleven“ movie. It is dwarfed in size by many Las Vegas rivals, which now generate more than half of their revenue from non-gambling sources such as hotel rooms, retail, and food.
Stockbridge Real Estate Funds are managed by Stockbridge Real Estate Partners LLC, which has invested USD 7.6 billion in large real estate offerings since 1994, the buyers said.