The SLS Las Vegas suffered a bottom line of more than $48.6 million in the second quarter and has actually lost more than $83.9 million in the first six months of the year, according to a current securities filing.
Stockbridge/SBE Investment Co., which owns the Strip resort, said in the filing with the Securities and Exchange Commission that the SLS has actually “has incurred net losses and poor operating cash flows for the six months ended June 30.”
San Francisco-based Stockbridge Capital Partners, the personal equity company that has 90 percent of the company, stated it has funded capital contributions to the home totaling more than $28.1 million through June 30.
According to the SEC filing, after the quarter ended, Stockbridge made three additional capital contributions to the SLS Las Vegas to money operations between July 9 and August 6, totaling $13 million.
SLS Las Vegas opened a year ago as a $415 million remodelling of the former Rat Pack-era Sahara, which enclosed 2011.
In the SEC quarterly filing, Stockbridge/SBE stated overall earnings between April and June was $36.9 million, which included $9.5 million in gambling establishment income, $13.1 million in hotel profits, and $16 million in food and drink income.
The SLS Las Vegas has actually openly traded debt, which needs quarterly SEC filings.
This is an establishing story. Inspect back for updates.
Contact reporter Howard Stutz at firstname.lastname@example.org!.?.! or 702-477-3871. Follow @howardstutz on Twitter.