By Jacquelynn D. Powers, Photographs: Tatiana Botton

am Nazarian, the founder and CEO of SBE Entertainment Group, is on top of his game. Not only has the magnate cornered the market on Los Angeles' hip nightclubs, restaurants, lounges and hotels, but he also owns a film company and has made the requisite cameo on Entourage. This playboy is the Mr. Big of L.A. And he's about to get bigger, with the recent acquisition of the Sahara Hotel & Casino on the Strip. This long-time Las Vegas institution has played host to the Beatles, Liberace, Liza Minnelli and Johnny Carson. It was even the setting for the original Ocean's Eleven (with Frank Sinatra, Dean Martin and Peter Lawford). With an appreciation of all things Sin City, Nazarian, who was born in Tehran, hopes to bring back the glory days to his slightly tarnished, more-than-1,700-room property. This means importing his hotspots like Hyde Lounge, Katsuya and Area, plus a makeover by star designer Philippe Starck, with whom Sam now has an exclusive partnership. When it debuts in late 2010, the Sahara will be ready for its close-up.

Until then, Nazarian, 32, is keeping himself occupied by overseeing 3,000 employees, spanning real estate, hospitality and film projects. The entrepreneur is debuting hotels in Beverly Hills and South Beach, and releasing two new films. There are also substantial real-estate holdings (including 1.7 million square feet of commercial space in Southern California) and new nightlife venues like S Bar and The Abbey.

Next, Nazarian has his eye on expanding into the Caribbean, Macau and Dubai. Of course, the feat of transforming the Sahara into the destination of choice for today's Rat Pack should be challenge enough for the wunderkind of the West Coast.

VEGAS: Why did you decide to buy a hotel in Las Vegas?

SAM NAZARIAN: We had been looking for perfect ways to expand our brand. I started looking for a property in Vegas four years ago. Our focus was very disciplined. It was about finding an asset on the Strip, which I felt was crucially important.

Why not new construction?

I did not want to do a new build. The construction costs are too high. We are good at repositioning an asset that has the bones, and are able to turn that into something that will be able to absorb all of our brands--from hotels and restaurants to nightlife.

Why the Sahara property?

The Sahara has been an amazing landmark for the last 55 years. I started looking at the Sahara over two years ago. The former owner, Bill Bennett, was a big pioneer in Las Vegas. I call him the Steve Wynn of the '60s and '70s. I'm a big admirer of what Bill had done in Vegas with Circus Circus and the Sahara. When Circus Circus opened, it was like the eighth wonder of the world. When the Sahara came on the market, I jumped at it. It was a huge undertaking, though. Because we aren't going to knock it down, it was important to know what was behind the walls.

What was the purchase price?

Somewhere in the mid-$300 million range. We signed a confidentially agreement, but in that range ...

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