According to debt rating agency Moody’s Investors Service in New York, the redeveloped property will be called ”SLS Las Vegas” and that Nazarian is looking to reopen it in 2014.
To do so, he would first have to raise $415 million from investors and lenders to help complete the $744 million project.
According to Nazarian, SLS Las Vegas would be a luxury property tied in with his SBE Entertainment Group LLC hospitality and entertainment business. The Los Angeles-based company has properties that include restaurants, clubs and hotels in Miami, Las Vegas, Los Angeles and other locations.
Nazarian also runs Hyde Lounge at Bellagio, also located on the Strip.