Posted by The Associated Press on Saturday, June 30, 2019 06:14:18What you need at this summer’s West Elm luxury hotel and dining hall sale.
The luxury West Elm resort and casino in Las Vegas has closed after more than a decade.
The West Elm Resort and Casino is closing after more years of struggling financial struggles.
A majority of the property is being purchased for the resort.
Owner of the resort, Sheldon Adelson, is expected to sell the resort and casinos, including the hotel.
Adelson’s stake in the resort is worth more than $20 billion.
The resort and the Las Vegas Sands Corporation, the company that owns it, said in a statement Saturday that Adelson will sell the hotel and casino.
The Las Vegas Review-Journal reported that Adeselson and the casino are considering a sale of the hotel to the Las Vega family.
Adeselson bought the resort in 1996 and is the owner of the casinos and hotel, which is owned by the Sands Corporation.
Adelson owns stakes in the West Elm and the Mirage hotels.
The resort is about 25 miles west of Las Vegas.
The company that manages the resort said Saturday that the resort was one of its highest-rated hotels in the nation and has been recognized by Forbes as one of the world’s top 10 luxury hotels.
The West Elm is a major part of the Sands’ revenue.
The company has more than 4,400 rooms, and the resort has about 7,000.
Advertisers say Adelson is trying to make a profit, which could hurt the Sands, which has struggled in recent years.
Adselson has a long history of buying luxury properties and resorts.
He purchased the Palm Beach mansion in 1984 and bought the Palm Springs mansion in 1986.
Adeselsons casinos, casinos in Atlantic City and New Jersey, and casinos in Las Cruces, New Mexico, are all owned by his companies.
The Sands Corporation and its partners are trying to buy the West Elms property for $3.6 billion.
The group said Saturday it will be seeking private financing to complete the deal.
Las Vegas is the most expensive city in the United States to rent an apartment in 2018.
The average rent was $1,700 a month.