The Real Deal Miami

National market report

April 08, 2011 12:16PM

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The Sahara Hotel & Casino in Las Vegas

From the New York April issue: Las Vegas’ oldest casino is slated to shutter next month after a proposed redevelopment plan failed, according to Bloomberg News. The Moroccan-themed Sahara Hotel & Casino, built in 1952, rose to fame after appearing in the 1960 film “Ocean’s Eleven” (the version without George Clooney). Stockbridge Real Estate Funds bought the property in 2007 with plans to “reinvigorate” the casino. Stockbridge CEO Sam Nazarian said while he’s “confident that we ultimately will find a creative and comprehensive new solution” for the property, “the continued operation of the aging Sahara was no longer economically viable.” [more]