‘SLS Las Vegas on ‘verge of bankruptcy,’ investors allege

The SLS Las Vegas hasn’t turned a profit since opening in 2014 and is on the ‘verge of bankruptcy,’ according to a lawsuit. The lawsuit was filed in Los Angeles County by 60 Chinese nationals who lent money to the project in exchange for citizenship. The investors lent roughly $400 million and each investor paid $45,000 in administration fees. The plaintiffs are seeking $255 million in damages plus attorney fees and other costs. The plaintiff’s investment is at risk of being completely wiped out and some plaintiffs will not be able to get their permanent green cards.