Downtown Grand sale likely. Property in receivership after loan default

Looks like there's some confirmation to the rumors. Downtown Grand has been in financial trouble. Looks like they overextended themselves with the construction of the gallery Tower. 

From Las Vegas Review Journal. Story by David Danzis: 

Downtown Grand hotel-casino has been operating under a court-appointed receiver since early January, and the property is now being prepared for sale after its owners defaulted........

According to court documents, the multiple ownership entities secured an $82.5 million loan in 2019 to fund the construction of a new hotel tower......

Banc of California..... sued the Downtown Grand’s ownership companies Dec. 23, alleging the borrowers stopped making required interest payments March 21, 2025 and failed to pay the loan in full when it matured....

According to the March 5 filing, the receiver has already begun an extensive pre-sale marketing effort. Huygens....... circulated sale materials to 162 prospective buyers.

By mid-February, 25 parties had signed nondisclosure agreements....... 17 groups had participated in calls or meetings with the receiver’s team.

It is unclear how long the Downtown Grand will remain under receivership or when a sale might close............

https://www.reviewjournal.com/business/casinos-gaming/downtown-las-vegas-casino-owners-default-on-82-5m-loan-property-in-receivership-3730613/

Seems like they've been dying a slow death.

 I have stayed at the DT Grand several times. The rooms are nice. The food service was always lacking, like it was an afterthought to management. The game selection has changed multiple times, good ocasionally, but not good most of the time. Seems that management has changed hands several times with no real consistency or direction. The place could really thrive if they would upgrade their slots and video poker. Give visitors real reasons to stay/gamble there and the business would become a must place to visit/gamble/stay.

I stayed there last year and enjoyed it. My room was pretty good size and clean. Overall I liked my stay. 

One night the elevators were shut off to my tower and they were discouraging people from using the stairs.

Turns out some guest thought it would be a good idea to use a fire sprinkler as a coat hanger. Flooded several rooms and hallways on a couple different floors. 

My room was fine but there was flooding on the same floor on the other side of the tower 

I didn't like the long walk to the car (north side) tower. I also didn't like having to take multiple elevators to get there. When you're all gambled out and you just want to crash, you don't want to walk a mile.

The room I got was very comfy. The food there was also very good, albeit high-priced, but there were some good specials. I would probably stay there again if they hadn't destroyed their video poker.

The old Lady Luck had great gambling all around, and always seemed to be busy, even though it was a scary walk there at night. Place was falling apart, but we got treated very well there. DT Grand has never lived up to its potential.

I was in the gallery tower last time so my elevator bank was right off the casino. Way more convenient than the other tower. 

I remember the super fun book by Lady Luck. It also included a free hot dog and, from what I remember, a free beer. The good old funbooks were the big plus that you don't get anymore nowadays.   

Speaking about funbooks, although this is non  segui tour, Laughlin's been suffering for years now. let's think back when there were these free Laughlin tour busses catering to people interested in spending 4-6 hours down there in Laughlin. with a free buffet comp.   Those were the booming times of Laughlin.

I went on those tours many times. They were so generous in Laughin and the setting on the river was great!

Laughlin realized that it was (and is) a remote, ugly desert shithole with nothing to offer except gambling--and with Vegas nearby, who would bother going there? They solved that problem by being a) a bargain destination b) a senior destination (at one point, it was determined that the average age of visitors was 70!). 

Fast forward to covid, which almost killed Laughlin. They took the post-pandemic boom to be some kind of sign that they could now posture as a fancy-ass destination resort. Vegas on the Colorado. So they jacked up prices to Vegas levels and stopped offering deals.

To say that that failed miserably would be an understatement. Laughlin forgot that you need a good reason to go there. They stopped offering reasons. Now, it's a dying, shrinking near-ghost town.