What's happening with the Downtown Grand? It seems like there have been many rumors about the place being sold and even closing in recent years, but nothing has ever happened.
The Downtown Grand is still owned by the CIM Group, founded in 1994 by two Israelis and an investment banker. According to Wiki, CIM "invests in commercial property on behalf of large institutions, such as pensions. As of December 31, 2020, the company owned $29.2 billion worth of commercial property."
Fifth Street Gaming operates Downtown Grand in a partnership with CIM. Fifth Street Gaming owns and operates several Las Vegas gaming locations, including Ojos Locos in North Las Vegas.
FSG management has always been extremely tight-lipped about the status of the Downtown Grand, which is in part why the media coverage has been sketchy, mostly reduced to rumors, innuendo, and indirect evidence, such as a listing on Berkadia.com the last time we answered this question in July 2024. At that time, the alleged asking price was $180 million. However, the listing quickly vanished.
Last summer, there were reports and rumors of financial hardships, including stopped payments to vendors and potential layoffs. In addition, table game and restaurant hours were shortened, all of which gave rise to speculation about a potential sale. Around that time, more rumors surfaced about talks of a potential sale to Penske Media (Rolling Stone's parent company), but that deal reportedly fell through fairly quickly, if it was ever serious.
That's where DTG stands today. The property is open and operational and nothing "dramatic," either reported or rumored, has happened for a while. If it does, we'll cover it in Vegas News.
