Business
Investors in SLS Las Vegas sue, claim project was never profitable
Los Angeles Times
Sixty Chinese investors who were promised U.S. permanent resident cards for investing in the SLS Las Vegas hotel and casino have sued the developers of the project, saying they never received the promised green cards under EB-5 pilot program The lawsuit, filed in Los Angeles County Superior Court last month, claims the investors put in $545,000 each but were the victims of a conspiracy to use their money on a project that opened in 2014 but has yet to be profitable. “Once the SLS Hotel opened, it has allegedly not turned a profit from day one and is currently on the verge of bankruptcy,” the lawsuit says. The lawsuit names several developers and managers of the project, including San Francisco-based Stockbridge Capital ...$500.000 at risk
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