Alex Meruelo Net Worth

What Is Alex Meruelo’s Net Worth?

Alex Meruelo, a Cuban-American businessman with a diverse portfolio of holdings, has an estimated net worth of $2 billion. This wealth is attributed to his success in various sectors, including real estate, media, construction, hospitality, and gaming.

Early Life and Career Beginnings

Born in New York City on March 27, 1964, Alex Meruelo’s parents fled Cuba after Castro’s rise to power. The family relocated to Los Angeles, California, where they established a bridal shop and invested in local real estate. He attended Don Bosco Technical Institute in Rosemead, California and later earned a B.S. from California State University, Long Beach. Meruelo’s entrepreneurial journey began in his father’s tuxedo business. At the age of 23, Alex Meruelo opened his first pizza restaurant, which later became part of the La Pizza Loca chain in Southern California. He acquired a failing pizza establishment and, within five years, expanded it to 12 locations with $10 million in annual sales.

The Meruelo Group: A Diversified Empire

In 1986, Meruelo founded the Meruelo Group, a Downey-based management firm with a diverse portfolio of companies. The Meruelo Group’s holdings include:

Construction and Engineering: Neal Electric Corp, Select Electric Inc., and Doty Bros. Construction Company, Herman Weissker, Inc., Tidwell Excavating, and HW Power. In 1999, Meruelo acquired Herman Weissker, Inc. (est. 1959). The following year, Meruelo doubled his portfolio with Doty Bros. Construction Company (est. 1935).
Media: Meruelo Media owns and operates five radio stations (Power 106 (KPWR 105.9 FM), KDAY 93.5 FM, KLOS 95.5 FM, KLLI, and KDEY-FM) and two television stations (KWHY-TV Channel 22 and KBEH TV 63) in Los Angeles. In May 2017, Meruelo acquired KPWR Power 106 from Emmis Communications for $82.75 million.
Hospitality and Gaming: The Grand Sierra Resort (GSR) in Reno, Nevada, and the Sahara Las Vegas. In 2011, the Meruelo Group purchased the Grand Sierra Resort for $42 million in cash. In 2017, the group acquired the SLS Las Vegas (formerly the Sahara Hotel and Casino).
Banking and Financial Services: Commercial Bank of California, co-founded in 2003.
Food Services: Fuji Food.
Real Estate: A diversified portfolio of commercial/retail, residential, and industrial properties.

The Meruelo Group also owns Meruelo Studios, Meruelo Digital and Actify.

Real Estate Ventures and Investments

Alex Meruelo has made several notable real estate acquisitions, including:

An 8,500-square-foot house at 36 Indian Creek Drive in Miami, purchased in May 2008 for $7.05 million.
A penthouse in The Langham, New York, acquired in March 2014 for $10.79 million.
Colom Island in Spain, purchased in June 2018 for 3.2 million euros.
A 22,000-square-foot house in Paradise Valley, AZ, acquired in June 2021 for $12.1 million.

Grand Sierra Resort Expansion

In September 2023, the Grand Sierra Resort announced a $1 billion expansion plan over the next 10 years. This “historic” project is the largest private capital investment in Reno’s history. The expansion includes:

A 300,000-square-foot arena with a capacity of over 10,000, potentially becoming the home of the Nevada men’s basketball team.
An 800-room hotel tower.
A new parking garage.
Comprehensive beautification of Grand Bay, including a golf facility, walking path, and water show.
300 affordable riverfront residential units for the workforce.

Meruelo also has plans for a redeveloped recreational vehicle park area, an outdoor golf driving range facility that is similar to Topgolf, and 300 condo-style units to house Grand Sierra staff. As for expanding the 2,000-room Grand Sierra, Meruelo did not provide a timeline, saying the tower would be built as needed.

Strategic Media Synergies

Meruelo effectively utilizes his media assets to promote his various businesses. For instance, Power 106 runs contests that send listeners to his Sahara Las Vegas casino. In May 2017, Meruelo acquired KPWR Power 106 from Emmis Communications for $82.75 million, bringing it under common ownership with KDAY and KDEY-FM.

Arizona Coyotes Ownership

Alex Meruelo was the majority owner of the Arizona Coyotes of the National Hockey League (NHL). In 2019, the enterprise value for Meruelo was just the assumption of debt ($300 million). The headline sale price of, say, $450 million will be the debt plus future operating losses—probably three years’ worth—that Meruelo is promising to cover. However, in 2024, Meruelo forfeited his ownership of the Arizona Coyotes after the Arizona State Land Department canceled an auction for a 110-acre tract of land in north Phoenix, where he planned to build a new arena. The NHL then sold the team to Utah Jazz owner Ryan Smith.