No place to go but out
Las Vegas’ Downtown Grand Hotel & Casino is on the verge of changing hands. On Tuesday, a court-appointed receiver filed a motion to sell the casino’s assets to Massachusetts-based Vegas Ventures LLC. It is now up to a Clark County District Court judge to approve the sale.
According to the Las Vegas Review-Journal, Vegas Ventures signed the purchase agreement last Thursday and deposited $2.7 million into an escrow account. The total purchase price has not been made public yet. If the sale is approved, it will be completed no later than September 30.
The Downtown Grand has been under receivership since January, after defaulting on $90 million in construction loans. That total came in two waves: $82.5 million to fund a new hotel tower, with another $7.5 million added later.
Banc of California, which provided the loan, sued owner CIM Group, claiming it was not paying interest since March 2025 and did not pay back the loan by its maturity date of August 19, 2025. The amount due is now claimed to be $105 million.
After an extensive process, nine parties signed letters of intent to acquire the Downtown Grand. The receiver, Paul Huygens, said in court documents that none of the offers eclipsed the amount of money Banc of California claimed it was owed.
Six and a half decades of history
The Downtown Grand is located a block north of the famed Fremont Street Experience. It originally opened in 1961 as Honest John’s, a news stand and barbershop with fewer than 20 slot machines. In 1964, new owner Andy Tompkins made it a full-time casino, and in 1968, Tompkins renamed it to Lady Luck Casino.
The property changed hands in 2005, sold to the Henry Brent Company for $24 million. It closed in February 2006 and was sold once again in 2007 to current owner, CIM Group.
After more than $100 million in renovations, CIM Group changed Lady Luck’s name to the Downtown Grand.
The Downtown Grand does not have a poker room, but has been a popular spot in the heart of Downtown Las Vegas for your typical table games and slots. The casino also houses a Caesars Sportsbook.
It sounds like the casino portion of the property will largely remain the same, as Vegas Ventures plans to keep Fifth Street Gaming LLC as the casino operator. The company will look for a new operator for the non-gaming portions of the Downtown Grand, like the restaurants and hotel.
Image credit: Downtown Grand
