Sahara Casino in Las Vegas Could Reopen
The owners didn't disclose the price they paid for the mortgage, but did say they have “invested substantial new equity to acquire the [mortgage] note, allowing us complete flexibility to re-envision this property,”
Located on the north end of the Las Vegas Strip, the Sahara was the first major Las Vegas casino to close since the economic recession began in 2008. The north Strip area also was home to the failed $3.5 billion Fontainbleu Casino and resort that was bought by financier Carl Icahn in 2010 and never opened.
The Sahara's owners have hired architects to draw up plans for a total redesign of the property and hope to reopen in the future, but no date has been set.
The iconic Sahara Hotel and Casino, which closed this past May due to deteriorating business conditions, may
spring back to life.
It turns out that the owners, SBE Entertainment Inc. and Stockbridge Real Estate, were able to buy back the mortgage which they originally took out for $288 million back in 2007.