Sixty Chinese investors who were promised U.S. permanent resident cards for investing $545,000 USD in the SLS Las Vegas hotel and casino have sued the developers of the project, saying they never received the promised green cards.
The lawsuit alleges that the paperwork signed by the investors to participate in the visa program, known as EB-5, was in English and that most of the investors don’t speak English.
It says (the suit) that the investors were led to believe that they would get their permanent resident cards within 30 months but none has received a permanent resident card and only some now have temporary resident cards.
The lawsuit names several developers and managers of the project, including San Francisco-based Stockbridge Capital Group, SBE Entertainment, the hospitality company led by Sam Nazarian, and Alhambra immigration consulting firm Henry Global Consulting. (READ HERE: MASSIVE ARRESTS IN THE STATE OF COLORADO DUE TO THE CASINOS)
In a statement, Stockbridge Capital said it “is aware of recent litigation by certain alleged minority investors in the company’s second lien lenders and it believes such litigation is without merit. The company does not expect the litigation will deter the sale of the hotel project to Meruelo Group.”
Is stated in the suit: “To make matters worse, the SLS Hotel revenue was less than 50% of what was projected so the project had not created sufficient jobs to allow all investors, including some of the plaintiffs, to get green cards”
