Las Vegas

Downtown Grand Casino in Las Vegas For Sale

Posted on:  July 10, 2024, 11:22h.

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

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Corey Levitan Corey Levitan joined Casino.org in 2022 after a long career covering Las Vegas. He currently covers entertainment, dining and gaming news in Las Vegas...
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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.

Corey Levitan
Corey Levitan

Corey Levitan joined Casino.org in 2022 after a long career covering Las Vegas. He currently covers entertainment, dining and gaming news in Las Vegas.

Corey spent six years covering the Vegas Strip for the Las Vegas Review-Journal, where he also wrote the most popular humor column in the city’s history. (For “Fear and Loafing,” he tried out 176 Vegas jobs, including poker player, blackjack dealer and Follie Bergere dancer.)

Corey has won more than 100 local, state and national awards for his journalism, which has also appeared in Rolling Stone, New York Magazine and the New York Post.

Corey is a New York native whose hobbies include playing guitar, trying to be a better husband, and arguing with strangers on Facebook.

Contact Corey at corey@casino.org.

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  • D
    David July 12, 2024
    My parents used to play at the Lady Luck regularly and tried to retain their play after it was turned into the DG. They… My parents used to play at the Lady Luck regularly and tried to retain their play after it was turned into the DG. They complained that the music theme was changed and the new music was blasted so loud it chased them away. They were told that the new management was going after a new demographic, basically saying we don’t want you. And reading about all the mismanagement over the years and all the experimentation with going after the “high end” to reducing comps to etc etc. poorly managed in my view, they tried to be something that it couldn’t be, hip, slick and cool.
    Reply
  • H
    Hankjohfort July 10, 2024
    Why wouldn’t MGM or Caesar’s take a cracking? It seems like a small bet for a potential large payout and Caesar’s already has their name… Why wouldn’t MGM or Caesar’s take a cracking? It seems like a small bet for a potential large payout and Caesar’s already has their name inside with their sportsbook
    Reply

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