LAS VEGAS >> The owners of the shuttered Sahara casino on an aging stretch of the Las Vegas Strip say they’re breaking ground on a redevelopment project that will revitalize the resort.

Los Angeles-based SBE Entertainment announced Wednesday that it’s beginning construction after securing the $400 million needed for the project.

The development company says it will reopen the iconic resort that once hosted the likes of Frank Sinatra and Elvis Presley by fall of 2014. It will be renamed the SLS Las Vegas.

Owners say the resort will bring celebrity chefs, nightlife and 1,600 guestrooms and suites to the Strip’s older and less glitzy north end, which includes the famed Stratosphere.

Managers of the 59-year-old Sahara closed the casino in May 2011 after saying it wasn’t economically viable.