Sam Nazarin’s SBE Entertainment Group LLC of Los Angeles and San Francisco-based Stockbridge Real Estate Funds have completed their acquisition of the Sahara Hotel & Casino from Las Vegas-based Gordon Gaming Corporation, a deal first announced in March.

Nazarin’s company, which has hotel, nightclub, restaurant and film divisions, will operate the hotel and its associated food and beverage operations, while Sahara’s 85,000-square-foot casino will be operated by Navegante Group, a casino management company owned by former Las Vegas casino executive Larry J. Woolf. Woolf previously was president MGM Grand in Las Vegas and worked at Caesars Atlantic City in the 1980s.

Navegante took over operations in August after gaming regulators in Nevada gave the company final approval to operate the legendary casino.

Woolf said he is not planning any changes in the operation of the casino. He will retain current casino employees and most of gaming management, he said.

The operating company will have a one-year lease to run the property, with the possibility of four three-month extensions in the following year. Officials with SBE and Stockbridge are applying for a gaming license to operate the property themselves.

Navegante operates three casinos in Elko and one casino in Carson City, as well as the Grand Sierra resort (formerly the Reno Hilton) in Reno. The company recently relinquished management duties at four casinos in Downtown Las Vegas.

By Casino Connection Staff

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