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Owners secure $300 million to redevelop Sahara on Vegas Strip; casino will be renamed SLS

LAS VEGAS, Nev. - The owners of the shuttered Sahara casino on the Las Vegas Strip say they've secured $300 million in funding to redevelop the iconic resort that once hosted the likes of Frank Sinatra and Elvis Presley.

Developer SBE and real estate firm Stockbridge Capital Group LLC said Tuesday they plan to open the property in 2014 under the name SLS Las Vegas.

Owners say the resort will bring 1,600 guestrooms and suites, plus restaurants and nightlife, to the Strip's north end.

SBE CEO Sam Nazarian tells the Las Vegas Review-Journal the three existing hotel towers will remain, but two will be "stripped down to their skeletons."

The iconic Sahara had a signature roller coaster and operated for nearly 59 years before closing in May 2011.