Young Guns,
Big Promise
The SLS Las Vegas–its process
and its principals
by Nicole Connolly and Courtney Creedon
Behind the glamor and glitz of high-profile hotel
projects, like the W Hotel in Hollywood and the
SLS Hotel and Casino – Las Vegas, are George W.
Ekins and Joseph C. McCarthy. Neither celebrities, nor developers, Ekins and McCarthy are
the two principals of the American Dream Fund
(ADF) family of regional centers. The two run
ADF to identify EB-5 compatible projects and
match them with foreign nationals looking to invest capital and immigrate to the United States.
They may be two of the youngest regional center operators in the business, but that doesn’t
discourage them from being ambitious.
Their SLS project, at the site of the Sahara hotel
on the Vegas strip, is one of the biggest projects
affiliated with EB-5 capital. Jointly owned by SBE
Entertainment and Stockbridge Capital Group,
over 30 percent of this project’s funding comes
from EB-5 investments, organized by the team
at ADF. Those investments translate to over
600 I-526 petitions filed and about 360 thus far
approved. Construction began on this project
in February 2013, and the hotel is scheduled
to open on Labor Day weekend of this year. So
what has led Ekins and McCarthy to this level of
success? Insights into their personal backgrounds
and business philosophy can suggest answers to
this question.
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