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SBE Entertainment takes over as owner of Sahara

LAS VEGAS, Nevada -- Los Angeles-based SBE Entertainment on Wednesday officially took over ownership of the 1,720-room Sahara, completing an estimated $300 million to $400 million purchase of the 55-year-old Strip resort.

SBE, which is partnering with San Francisco-based Stockbridge Real Estate Funds on the purchase, will operate the hotel and nongaming portions of the Sahara. The Navegante casino management group was approved last week by state gaming regulators to run the casino until SBE is licensed. No changes were expected in the property's operation in the interim.

The Sahara, on the Strip's north end, employs 1,400 workers.

SBE CEO Sam Nazarian said the company plans to renovate the Sahara and its amenities through its hotel group and restaurant and nightclub group.

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