This Downtown Las Vegas Casino is in Serious Financial Trouble
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There is trouble on the rise for a popular off-Strip Las Vegas casino that is reportedly in a receivership after defaulting on a nearly $100 million loan.
According to court records reviewed by the Las Vegas Review-Journal, Downtown Grand Hotel & Casino defaulted on a $90 million construction loan and was sued by lender Banc of California in December 2025.
The Review-Journal reported last week that a March court filing "shows the receivership is well underway and that the receiver, Paul Huygens of Henderson-based Province LLC, has already begun a formal effort to sell the hotel-casino."
Things Aren't Grand for Downtown Casino
The Downtown Grand, known for its table games like roulette and blackjack and prime downtown Las Vegas location, has a lengthy history that goes back decades. It started out as Lady Luck in the late 1960s before closing in 2006 after being purchased by The Henry Brent Company.
The CIM Group acquired the downtown casino in 2007 and announced a new name and reconstruction of the casino a few years later.
More than a decade later, in 2024, the CIM GROUP sought a buyer for the property. After unsuccessful negotiations in 2025, the California-based company defaulted on its $90 million construction loan.
As of writing, the Downtown Grand is under receivership under Nevada's Uniform Commercial Real Estate Receivership Act. The casino is still open and operating.
According to the Las Vegas Review-Journal, it "is unclear how long the Downtown Grand will remain under receivership or when a sale might close."
The State of Vegas
The news about Downtown Casino comes amidst a slight rise in Las Vegas casino revenue after a winter dip and an overall decline in tourism throughout the valley in 2025.
There has also been trouble for a few Las Vegas poker rooms as of late. Officials recently announced that the renovated Poker Palace will not re-open its poker room, and the Planet Hollywood Poker Room recently shut down after less than a year of operation.
Even more recently, the Resorts World Poker Room, the host of major poker festivals like the PokerStars North American Poker Tour (NAPT), announced it would be shuttering its doors.
PokerNews will continue to monitor the state of casinos and poker rooms in Las Vegas.
*Photos courtesy of Raul Jusinto via WikiMedia Commons
