Las Vegas developer secures us$ 300 million for Sahara renovation

The financing makes SBE Entertainment chairman Sam Nazarian's vision to convert the dated Sahara into the high-design, foodie-0riented SLS Las Vegas resort - with a restaurant by acclaimed chef José Andrés - closer to becoming a reality. The hotel is expected to open in 2014.

"We're seeing demand for a different experience – a refreshing, fun and accessible take on Vegas luxury – and the hospitality brands that we've developed over the years lend themselves very well to the classic timelessness that Vegas has always been known for," Nazarian says in a statement. "With SLS Las Vegas, we're bringing those brands to the Strip and creating a refreshing new experience that's designed for everyone."

JP Morgan Securities raised the millions in an encouraging, two-week period, Nazarian says in a statement. SBE bought the hotel with Stockbridge Capital in 2007 and has long planned to turn around the hotel.

Now, with the financing, they can finally move forward with creating a 1,600-room resort with other-worldly design by French iconoclast Philippe Starck. The designer is currently putting the finishing touches on the SLS South Beach, which is about to open, and he led design for the original SLS on the border of Beverly Hills and Los Angeles.

Expect the SLS to be a modern playground for gamblers, foodies and party goers - with an assortment of restaurants, nightclubs and meeting venues. It will contain a third location of The Bazaar by Andrés, as well as a Katsuya by Starck sushi restaurant, and a reinvention of the company's original nightlife concept, Shelter.

Nazarian's company currently operates one venue in Las Vegas - the Hyde Lounge at the Bellagio. SBE shuttered the hotel a year ago - on May 16, 2011 - because it was cheaper to close it rather than keep operating it as dated hotel. Its roller coaster was taken down.

The Sahara played a starring role in the original, 1960 version of Ocean's Eleven. "Las Vegas is the premier tourist destination in the world and our hotels and accommodations are like no other. The redevelopment of the iconic Sahara hotel will continue this tradition and bring new life to the north end of the Strip," Senator Harry Reid, said in a statement provided by SBE. "I thank Sam for his work on this important project that will create thousands of jobs and help Nevada's economy."

Nevada Governor Brian Sandoval said the news "will make an immediate and positive impact in Las Vegas."