Downtown Grand Casino in Las Vegas For Sale

Posted on: July 10, 2024, 11:22h. 

Last updated on: July 10, 2024, 11:51h.

Corey Levitan Read More
Expertise: Commercial Gaming, Entertainment, Expert Insight, Las Vegas.

The Downtown Grand is for sale. The property, one block north of the Fremont Street Experience, has a 24,000-square-foot casino and 1,124 hotel rooms.

The Downtown Grand, formerly the Lady Luck, includes a casino and three hotel towers. (Image: showcase.com)

According to Casino.org’s own Vital Vegas blog, CIM Group, the owner of the real estate, is asking $180 million, and “four serious offers” of just under $100 million are being entertained.

Fifth Street Gaming operates the casino resort, in addition to the Gold Spike and Siegel Slots & Suites in Las Vegas, and the Lucky Club, Silver Nugget, and Ojos Locos Sports Cantina and Casino in North Las Vegas.

The Downtown Grand is reportedly entertaining four offers of just under $100 million each. (Image: Tripadvisor)

A thorough search of commercial property sites for sale by address didn’t produce a hit, but multiple sources — including the Las Vegas Review-Journal — have confirmed Vital Vegas’ reporting, which began with this tweet about the sale on March 28.

The Downtown Grand opened in October 2013 on the site of the former Lady Luck casino located at 206 N. 3rd Street.

Grand Entrance

The address hosted a newsstand and barber shop, Honest John’s, that opened in 1961 in what was then the Ogden Square Shopping Center. In 1964, Honest John’s became a casino operated by Andy Tompkins, who rebranded it the Lady Luck in 1968.

Honest John’s, formerly a barbershop and newsstand, became the first casino to occupy the site at North 3rd Street and Ogden Avenue. (Image: casino.fandom.com)

The casino was expanded in 1979 and two hotel towers were opened, one in 1986 and another in 1989.

In 2000, the Lady Luck was acquired by Isle of Capri Casinos for a reported $258 million in cash and debt.

On Feb. 11, 2006, the hotel and casino, but not the timeshares, closed for remodeling. The closure was expected to last 9-12 months, but financing collapsed.

On June 12, 2007, CIM Group acquired the property for just over $100 million and spent another $200 million on renovations, including the addition of a third tower in 2020.