SLS Las vegas, nevada is regarding the sort of streak you don’t want to be on in Sin City: a losing one.

For the sixth straight month, the property that is located on the website of this previous ‘Rat Pack’ Sahara Hotel & Casino has lost vast amounts, totaling $48.6 million into the 2nd quarter and $83.9 million for 2015.

According to Securities and Exchange Commission (SEC) filings by its owner, Stockbridge/SBE Investment Company, LLC, a partnership that is joint to oversee its proprietorship of the Las Vegas property, the resort and casino ‘incurred net losses and negative running cash flows’ stemming from ‘substantial financial obligation,’ ‘factors beyond our control,’ ‘extensive legislation and certification,’ and ‘general business and competitive conditions.’

The supply of the partnership that owns 90 per cent, says it’s in for the ‘long haul. though the business says it’s spent over $40 million this year along with the $415 million renovation it took to turn the former Sahara to the SLS, Stockbridge’

Blob Not So Pleased

Including insults to injuries, public opinion on the SLS reboot hasn’t been met with much praise, with many visitors befuddled before they even enter the hotel doors thanks to the so-called Happy Blob, a metallic statue that is said to be an ode to Sam Nazarian, chairman of SBE.

Aiming to bring a ‘playful, yet approachable sophistication’ to your north end of this Strip, initial reviews associated with vintage-meets-modern décor looked just like a highlight of the revamp, but as the hotel has proceeded to struggle financially, even leading to layoffs last fall, service and upkeep at SLS seems to be headed into the wrong direction.

Of more than 1,000 reviews on Yelp, the typical is 3/5 movie stars, roughly just like reviews from Google experts. But the real comments, both online and to news sites, were notably more direct in their assessment of the property.

‘Where’s the attraction to compel people to visit the SLS? All they will have besides fundamental gambling is some goofy-assed statue,’ published one visitor on the nevada Review-Journal site.

Google pundits had been no friendlier.

‘Hey SLS: 1965 clashing with 2014 doesn’t mix. You cannot put lipstick on a pig.’

‘This hotel was terrible. The space they gave me was like a prison cell. The walls had been concrete and painted gray.’

‘As I entered the non-smoking room a huge rush of cigarette smell joined my nose.’

Of program, perhaps not all have found SLS to be inadequate, but nearly all recent reviews appear to point to a struggling venue that is failing to meet expectations.

Holding Firm

‘Location, location, location’ is definitely an old adage that is proving true for SLS as well. Despite what should be considered a prime Strip location right at Sahara and Las Vegas Boulevard, the resort is the north neighbor to the now-defunct Riviera, the legendary casino that closed its doors might 4th, and the Fontainebleau, a bankrupt resort which includes sat unfinished since 2009. Across the street sits a vacant lot that are going to be the future house to Resorts World Las Vegas, though construction still has not begun.

Needless to state, foot traffic is sparse.

SLS has plenty of challenges ahead, but its leadership that is corporate remains. ‘We continue to take a position in advertising and marketing to improve awareness of the SLS brand and attract new clients,’ its SEC filing stated.

Could be what is called in the gambling world ‘chasing,’ but sometimes, also a chaser’s luck can change. Of program, more often it doesn’t, but based on just how deep into its pouches Stockbridge/SBE is ready to search for loose modification, the ongoing future of SLS is now anybody’s guess.