Vegas Hotel Lures $300M In Debt Despite Low Ratings

Law360, New York (May 1, 2012, 3:37 PM EDT) -- Stockbridge Capital Group LLC and hotel developer SBE Entertainment Group LLC have raised $300 million to redevelop a Las Vegas hotel and casino, the two said Tuesday, though the debt has received a near-junk rating from two major agencies.

It took JP Morgan Securities LLC less than two weeks to raise the funds, which will help turn the shuttered Sahara Hotel & Casino into the SLS Las Vegas, a $744 million property that could open in 2014 if SBE's high-flying CEO, Sam Nazarian, can raise enough...
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