The Sahara Hotel and Casino in Las Vegas will be sold off to an investor group.
The owners of the Moroccan-themed casino and hotel have agreed to sell it to Los Angeles-based SBE Entertainment Group LLC and San Mateo, Calif.-based Stockbridge Real Estate Funds.
The terms of the deal for the historic casino were not disclosed. The Sahara is a landmark casino on the famous Strip and served as the Rat Pack's favorite hangout and also the setting of the original "Ocean's Eleven" film in 1960.
"The Sahara is one of the last remaining original properties on the Las Vegas Strip, and we are thrilled with the possibilities that it presents," SBE Entertainment CEO Sam Nazarian said on Friday.
The Sahara is located on the north end of the Strip. The hotel-casino has 1,720 rooms and it is one of the oldest properties on the Strip. It lost its high-end clientele to the new upscale casinos opened in recent years at the southern part of the strip.
The casino has been operated by Gordon Gaming since William Bennett bought the property in 1995 for $193 million. Bennett spent more than $100 million upgrading the resort before his death in 2003.
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