Sam Nazarian returns to SBE Entertainment

Sam Nazarian speaks during a press conference at SLS Las Vegas on Friday, Aug. 22, 2014.

Sam Nazarian, the businessman who was unable to secure a full gaming license for his role in SLS Las Vegas, is back at the helm of his Los Angeles-based hospitality and entertainment company.

Nazarian stepped back from his role at SBE Entertainment, which operates the SLS, amid dramatic hearings before Nevada gaming regulators last year. But the company revealed today that Nazarian rejoined SBE in March as chairman and chief executive officer.

“SBE is an important part of my life and our family’s legacy,” Nazarian said in a statement. “I’m eager to continue to build this company. We have some great projects in the pipeline and I’m eager to see them through to fruition.”

The Nevada Gaming Commission gave Nazarian a a limited gaming license in December that leaves him barred from participating in casino operations at SLS Las Vegas. Regulators were concerned about Nazarian’s past drug use and his connection to someone who allegedly extorted him for millions of dollars.

Nazarian should still have the opportunity to receive a full gaming license for his involvement in SLS Las Vegas in the future.

SBE has a large portfolio of other hotels, restaurants and nightlife spots and announced today that it’s expanding into Mexico, where it plans to manage five new resorts.

The company said the first two are to be built in Medano Beach in Cabo San Lucas and “in the heart of the hotel zone in Cancun.” Other SBE resorts will be built in Puerto Vallarta, Mexico City and Punta Mita.

The Cabo San Lucas resort, slated for a 2017 opening, will include a 200-room SLS LUX hotel and 250 residential and SBE club membership units, the company said. Its Cancun resort, slated for a 2018 opening, will include a 150-room SLS LUX hotel as well as 150 residential and SBE club membership units.

The company’s statement said it’s achieved “record revenue growth” in the first two months of this year.

“Moreover, the Nazarian family has infused sbe with additional equity and a renewed commitment to spend considerable time and resources to continue to develop sbe as a leading hospitality management company,” the statement said.

SBE has 11 projects in “various stages of development, construction and negotiation,” the company said.

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