Meruelo Group has officially taken over the SLS Las Vegas and chosen Paul Hobson, a 27-year casino industry veteran, to run the run the struggling property.
Meruelo announced the completion of the transaction and the new hire in a statement on Thursday. The company received final approval from the Nevada Gaming Commission to buy the SLS on March 22.
Hobson managed the 2,429-room Stratosphere, located near the SLS, from 2011 through 2017. He previously ran the Aquarius in Laughlin. He has held senior management positions with MGM Resorts International, Caesars Entertainment and Affinity Gaming.
“Paul Hobson brings extensive experience in gaming and hospitality and valued insight into the ever-evolving North Las Vegas Strip to SLS Las Vegas,” said Alex Meruelo, owner of The Meruelo Group.
Meruelo and Hobson will seek to revamp the 1,616-room property, which has posted annual losses since opening in 2014. The SLS and Stratosphere are both at the north end of the Strip.
Meruelo plans to invest up to $100 million to refresh the casino floor, redesign the pool, upgrade rooms and enhance the entertainment. The SLS consists of three towers, one of which is run under the W Las Vegas brand.
The hotel includes a 60,000-square-foot casino floor featuring roughly 600 slots and more than 50 table games. It also offers 80,000 square feet of meeting space.
The SLS was formerly known as the Sahara. Sam Nazarian and San Francisco-based Stockbridge Capital Group bought the hotel in 2007, rebranding it to the SLS in 2014.