Major off-Las Vegas Strip casino defaults on loan, seeks buyer
Downtown Grand Hotel and Casino defaulted on a $90 million loan and is now seeking a buyer after previous sale attempts failed.Summary
Downtown Grand Hotel and Casino, located off the Las Vegas Strip, is facing financial difficulties after defaulting on a $90 million construction loan in December 2025. The property’s owners stopped making interest payments in March 2025 and failed to pay off the loan by its maturity date in August 2025, leading Banc of California to file a lawsuit. A court-appointed receiver, Paul Hugens of Province LLC, is now seeking a sale of the property under Nevada’s Uniform Commercial Real Estate Receivership Act, aiming for a fresh start for a new owner. Previous attempts to sell the property to Penske Media Group and Corvus Collective were unsuccessful. The hotel underwent major renovations in 2013 and a further expansion in 2020, but the timing of the latter coincided with the COVID-19 shutdown. Despite the financial challenges, the Downtown Grand continues to operate normally as the receiver works to secure a sale and ensure its future operation.
(Source：Thestreet)