Las Vegas Casino Gets a Second Chance Because of EB-5 Visa

Posted on Feb 25, 2013

The old Sahara casino and hotel in Las Vegas used to entertain members of the Rat Pack, like Sammy Davis Jr. and Frank Sinatra. The casino closed, but it looks like it might get a second chance with a $415 million renovation coming its way. 

Hotelier Sam Nazarian and his partners have been trying to finance the project since 2007 and finally have enough money to move forward. They already have almost $215 million from EB-5 immigrant investment program. The program awards green cards to foreigners who make job-creating investments, and it's become really popular among hospitality developers seeking financing. Mr. Nazarian's group says it already has $150 million in commitments from Chinese and Thai citizens who are each investing $500,000 in exchange for their green cards. 

The Sahara will be renamed the SLS Las Vegas and would become one of the first EB-5 financed casinos. Hotels are becoming popular choices for investors because it's easier for them to produce the ten jobs that are required with their investment—the hotels need desk attendants, housekeepers, valets, managers, etc. Hotel developers and government officials are praising the EB-5 program because it helps create jobs. 

David Loeb, a hotel analyst for Robert W. Baird & Co. estimates that hotel projects financed at least in part with EB-5 could account for as much as a quarter of a percentage point of the industry's growth this year. Major chains are even beginning to use the EB-5 visa more frequently, including Hilton Worldwide Inc. 

Read More About Las Vegas Casino Gets a Second Chance Because of EB-5 Visa...

Vaughan de Kirby
Connect with me
San Francisco California EB-5 Investment Immigration Attorney

EB-5 Extended to December 11th, 2020

Obtain a United States Green Card with a qualified investment of $900,000 in a USCIS Approved Regional Center. We have set our clock to December 11th 2020, however Congress is considering new legislation which will increase the qualified investment to $1,000,000. This change could happen at any time and the $1,000,000 could become the law with little or no notice. If a Green Card is important to you and your family please contact our office immediately.

Contact Us Now
00:00:00

Free Books

EB-5 Green Card for Indian Nationals

EB-5 Green Card for Indian Nationals

The EB-5 Investment Immigration Program may be the right choice for Indian parents looking at their children's educational opportunities in the United States.

Learn More +
<span>Complete Guide To The EB-5 Green Card:</span> Critical Knowledge For Investors Who Want To Make The Best Decisions For Themselves And Their Families

Complete Guide To The EB-5 Green Card: Critical Knowledge For Investors Who Want To Make The Best Decisions For Themselves And Their Families

If you are seeking permanent residence status in the U.S., request a free copy of Complete Guide To The EB-5 Green Card to learn about the EB-5 visa program.

Learn More +
View All Offers