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/
