Businessman Alex Meruelo completed his purchase of SLS back in April. His company, the Meruelo Group, owns the Grand Sierra Resort in Reno.
The renovations will cover the casino floor, hotel rooms, pool and entertainment venues, according to a press release. Work on the casino floor was set to begin Monday, with room upgrades already underway.
"These renovations are just the first step in realizing the exciting vision Mr. Meruelo has planned for the property," Paul Hobson, general manager of SLS Las Vegas, said in a statement.
Changes to the casino floor will include a new layout, new carpeting and lighting and a new ceiling, the press release states. More upgrades will be announced over the next few months.