Alex Meruelo

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Alex Meruelo
Born (1964-03-27) March 27, 1964 (age 60) [1]
New York City, U.S.
Nationality Cuban-American
Education California State University, Long Beach
Occupation(s)Owner of Meruelo Group
Owner of Arizona Coyotes (NHL)
Owner of KWHY-TV and KBEH
Owner of KLOS, KLLI, KPWR, KDAY and KDEY-FM
Owner of Fuji Food
Owner of Grand Sierra Resort
Owner of Sahara Las Vegas
Owner of Colom Island
SpouseLiset Meruelo
Children3

Alex Meruelo (born March 27, 1964) is a Cuban-American billionaire [2] [3] who holds business interests in banking, real estate, media, restaurants, food, casinos, and professional sports. He is the owner of Meruelo Group, as well as Meruelo Media, which owns five radio stations and two television stations in Los Angeles.

Contents

He is also the owner of Fuji Food, two casinos, the Grand Sierra Resort in Reno, Nevada and the Sahara Las Vegas in Las Vegas. Meruelo was the majority owner of the Arizona Coyotes of the National Hockey League until he sold the team to the league, which then sold the team to Utah Jazz owner Ryan Smith, under an agreement with the NHL that the Coyotes would be temporarily deactivated, with Smith using the Coyotes' non-business properties, including players and staff, to form the Utah NHL team.

Meruelo is working on getting an NHL-compliant arena built in the Phoenix area; should he succeed by the end of 2029, he will continue as the owner of a reactivated expansion Arizona Coyotes team, but if he fails to have an arena built by the end of the time frame, he will return the remaining Coyotes assets to the league.

Biography

Meruelo was born in New York City. His parents were accountants who fled the Castro regime. His family moved to Los Angeles, California, where they held a bridal shop and invested in local real estate. He also started to invest in real estate at an early age, and eventually sold a plot of land in Riverside to Walmart, making him a millionaire in his early 20s. [4]

Meruelo attended the Don Bosco Technical Institute in Rosemead, California, and received his B.S. from California State University, Long Beach. [5]

Career

Meruelo began his career in his father's tuxedo business. [6] At the age of 23, he decided to open a new type of pizza restaurant catering to Latinos in the US and offering unusual toppings such as chorizo and jalapeños. He bought a failing pizza restaurant and called his new business La Pizza Loca. Within 5 years, La Pizza Loca opened 12 locations and reached $10 million in sales. [4]

Meruelo expanded his business focus, founding the Meruelo Group, which has grown into a construction and real estate development firm. Meruelo Group has ownership of Neal Electric Corp, Select Electric Inc., and Doty Bros within the Southern California area. The group also owns the Commercial Bank of California. which Meruelo co-founded in 2003, [7] television stations KWHY-TV and KBEH, [8] radio stations KLOS, KLLI, KPWR, KDAY and KDEY-FM under the Meruelo Media banner, [9] and the Grand Sierra Resort in Reno, Nevada. [7] [10]

Meruelo purchased food manufacturer and the largest provider and distributor of pre-packaged sushi in the United States Fuji Food in 2009. [11]

In September 2011, Meruelo announced a $25 million investment in the renovation of the Grand Sierra Resort in Reno, Nevada. [12]

In February 2013, the Meruelo Group made a bid to buy Donald Trump's Trump Plaza Hotel and Casino for $20 million. [13] [14] The deal fell through and the casino closed the following year.

The SLS Las Vegas (formerly the Sahara Hotel and Casino) in Las Vegas, Nevada, was purchased by the Meruelo Group in June 2017. Alex Meruelo plans to turn the casino into a favorite destination for the Hispanic community. Meruelo plans to use its media properties to advertise the casino and its events. [4] In May 2019, SLS brand owner SBE Hotel Licensing, LLC filed a lawsuit alleging that Meruelo's Las Vegas Resort Holdings, LLC had failed to pay at least $450,000 in licensing fees since November 2018. [15] On June 28, 2019, The Meruelo Group and Alex Meruelo announced plans to rename the SLS Hotel as The Sahara Las Vegas. On August 29, 2019, the Meruelo Group officially changed the SLS Hotel to Sahara Las Vegas and is located on Sahara Blvd.

Professional sports

In November 2011, Meruelo's bid to take ownership of the Atlanta Hawks of the National Basketball Association from the team's then-owners Atlanta Spirit was turned down. [16] The team was later sold to Tony Ressler in 2015. In June 2019, he purchased majority ownership of the Arizona Coyotes of the National Hockey League from the previous sole owner Andrew Barroway who retained a minority stake. [17] With his purchase of the Coyotes, Meruelo became the first Latino owner in the NHL. [18] On March 27, 2023 NHL commissioner Gary Bettman announced that he would become the sole owner of the Arizona Coyotes after Andrew Barroway was indefinitely banned from the league after being arrested for the alleged strangulation of his wife. [19]

After a turbulent tenure as owner (including the team being kicked out of Gila River Arena following a series of rental disputes, forcing the team to relocate to Mullett Arena, which seats just a miniscule 4,600, while working on efforts to build their own arenas, including the aborted New Tempe Arena plans), on April 18, 2024, the NHL and Meruelo reached an agreement to sell the Coyotes to Smith Entertainment Group, current owners of the Utah Jazz, and move the team to Salt Lake City. As part of the agreement, the team would be declared "dormant" as Meruelo would continue with his efforts to build a new arena, with Meruelo becoming owner of a reactivated Coyotes team should he succeed in building the arena by the end of 2029, but would return all remaining Coyotes assets to the league should he fail by the end of the window. [20] Just 10 days prior, it was proclaimed that a bid for 110 acres (44.5 hectares) north of Phoenix at an upcoming land auction was still in the works. [21] On April 17, 2024, the Coyotes played their final game at Mullett Arena, beating the Edmonton Oilers 5-2 without Meruelo in attendance.

Real estate

In May 2008, Meruelo purchased an 8,500-square-foot, $7.05 million house at 36 Indian Creek Drive in Miami. [22] [23] In March 2014, he acquired a $10.79 million penthouse in The Langham, New York. [24] In June 2018, he purchased Colom Island in Spain for 3.2 million euros. [25]

In June 2021, Meruelo purchased a 22,000-square-foot, $12.1 million house in Paradise Valley, AZ. [26]

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References

  1. ↑ Executive Profile: Alex Meruelo, Bloomberg L.P.
  2. ↑ Murray, Chris (September 28, 2023). "Bringing Las Vegas to Reno: Why Alex Meruelo is betting $1 billion on the Biggest Little City in the World". Nevada Sports Net. Retrieved May 15, 2024.
  3. ↑ Leahy, Sean (August 2, 2019). "Billionaire Alex Meruelo takes ownership of Coyotes". NBC Sports. Retrieved May 15, 2024.
  4. 1 2 3 Alex Meruelo sees L.A. Latinos as key part of his highest-profile bet: a Las Vegas casino, Latimes.com, 20 April 2018
  5. ↑ "Alex Meruelo: Executive Profile and Biography - Businessweek". Businessweek. Retrieved September 29, 2016.
  6. ↑ "Path to a dream: From a family that fled Castro to first Hispanic NBA owner – This Just In - CNN.com Blogs". News.blogs.cnn.com. Retrieved March 1, 2012.
  7. 1 2 Tucker, Tim (August 8, 2011). "L.A. businessman buying majority stake in Hawks". ajc.com. Retrieved March 1, 2012.
  8. ↑ "NBC sells KWHY-TV Los Angeles to local businessman Alex Meruelo". Latimesblogs.latimes.com. January 26, 2011. Retrieved March 1, 2012.
  9. ↑ Venta, Lance (April 15, 2019). "Cumulus Media Sells KLOS to Meruelo Media; Swaps Bridgeport to Connoisseur for Allentown". RadioInsight. RadioBB Networks. Retrieved April 15, 2019.
  10. ↑ "KXOS Sold to Meruelo | RadioDiscussions" . Retrieved April 18, 2023.
  11. ↑ "Alex Meruelo | Commercial Bank of California". www.cbcal.com. Retrieved June 20, 2019.
  12. ↑ Meruelo Group to invest more than $25 million in renovations at Grand Sierra Resort and Casino, Visitremotahoe.com, 13 September 2011
  13. ↑ Wayne Parry, Trump Plaza in Atlantic City sold for $20M, Newsday.com, 14 February 2013
  14. ↑ Atlantic City's Trump Plaza Sold for Fire-Sale Price, cnbc.com, 15 February 2013
  15. ↑ "Alex Meruelo, owner of GSR, sued over unpaid license fees for Vegas property". Reno Gazette Journal. Retrieved June 28, 2019.
  16. ↑ Paul Newberry,Hawks will not be sold to Alex Meruelo, Deseretnews.com, 4 November 2011
  17. ↑ "NHL approves sale of Arizona Coyotes to businessman Alex Meurelo". KNXV-TV . June 19, 2019.
  18. ↑ "Meruelo to take over Coyotes as 1st Latino owner". ESPN.com. June 19, 2019. Retrieved June 20, 2019.
  19. ↑ "NHL bans Coyotes minority owner Barroway following domestic violence arrest". ESPN.com. March 25, 2023. Retrieved March 27, 2023.
  20. ↑ "NHL BOG approves establishment of new franchise in Utah | NHL.com". www.nhl.com. April 18, 2024. Retrieved April 19, 2024.
  21. ↑ "Arizona Coyotes announce development plans in north Phoenix, auction pending - The Arizona State Press". www.statepress.com. Retrieved April 19, 2024.
  22. ↑ Morgan Brennan, Inside Indian Creek Island, Miami's Billionaire Bunker, Forbes.com, 23 August 2012
  23. ↑ Celia Ampel, Indian Creek Village is for the uber-rich, Miamiherald.com, 11 October 2014
  24. ↑ Chris Pomorski, Would-be Hawks Owner Soars Into $10.79 M. Fifth Avenue Condo, Observer.com, 27 March 2014
  25. ↑ (in Spanish) El multimillonario cubano Alex Meruelo gana la puja a un francés y compra la isla española de Colom, Cibercuba.com, 7 June 2018
  26. ↑ Catherine Reagor, Arizona Coyotes owner buys $12.1M home in Paradise Valley; former PetSmart CEO sells one, AZCentral.com, 21 June 2021
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