Downtown Las Vegas casino owners default on $90M loan, property in receivership
The Downtown Grand casino in Las Vegas is in receivership after its owners defaulted on a $90 million loan and is now being prepared for sale.Summary
The Downtown Grand hotel-casino in Las Vegas has been placed in receivership following the default of its owners on a $90 million construction loan, with Banc of California requesting the action. Court records show the loan, initially $82.5 million in 2019 and later increased to $90 million, went into default in March 2025, with the owners unable to meet debt obligations since July 2024. A receiver, Paul Huygens of Province LLC, has been appointed and is actively preparing the property for sale, having already initiated a marketing campaign to over 160 prospective buyers. The receivership allows for the sale of the property free of certain liens, aiming to maximize its value. The Nevada Gaming Control Board is monitoring the situation, but it remains unclear how long the receivership will last or when a sale will be finalized, though the property continues to operate.
(Source：Las-vegas Review Journal)