If you’re looking for prime property in the heart of Las Vegas, look no further than The Downtown Grand. Sources confirm that the hotel property is on the market for a cool $180 million.

The Downtown Grand, a prominent casino and hotel located just a block north of the iconic Fremont Street Experience, has officially been put up for sale. Known for its extensive 24,000 square feet casino along with its more than 1,100 hotel guest rooms, the property is attracting considerable interest from potential buyers.

Originally known as the Lady Luck, the Downtown Grand includes a casino and three hotel towers. According to the Vital Vegas blog on Casino.org, the current owner, CIM Group, has set the asking price at $180 million. Despite this high valuation, four serious offers have been made, each just under $100 million.

Is it really on sale? Turns out you have to look doubly hard

Fifth Street Gaming, which operates the Downtown Grand, also manages several other properties in the Las Vegas area, including the Siegel Slots & Suites, the Gold Spike, the Silver Nugget, the Lucky Club, as well as Ojos Locos Sports Cantina and Casino in North Las Vegas.

While a thorough search of commercial property sites in Las Vegas did not yield specific listings for the Downtown Grand by address, multiple sources, which includes the Las Vegas Review-Journal, have confirmed the sale details reported by Vital Vegas. The news of the sale first emerged on March 28 via a tweet from Vital Vegas.

A Las Vegas property with a crucial role in the town's history

The Downtown Grand first opened its doors in October of 2013, occupying the site of the previous Lady Luck casino on 206 N. 3rd Street. This address has a storied history, beginning with a barber shop called Honest John's and a newsstand, which both opened in 1961 within the Ogden Square Shopping Center. By 1964, the barber shop had transformed into a casino under the management of Andy Tompkins. Incidentally, it was Tompkins who rebranded it in 1968 as the Lady Luck.

The site's evolution continued with the expansion of the casino in 1979 and the addition of two hotel towers, the first one in 1986 and the second in 1989. In 2000, Isle of Capri Casinos acquired the Lady Luck for approximately $258 million.

However, the property faced challenges in the mid-2000s. On February 11, 2006, in particular, the hotel and casino closed for remodeling, with the expectation that the process would take anywhere from 9 to 12 months. Unfortunately, financing issues led to a prolonged closure. On the 12th of June, 2007, CIM Group acquired the property for a little more than $100 million. They subsequently invested another $200 million in renovations, including the construction of a third tower, which was completed in 2020.

The sale of the Downtown Grand marks a significant moment in the history of Las Vegas real estate. As one of the city's notable casino resorts, its change in ownership could bring new developments and opportunities to the area. The interest from potential buyers enhances the value and appeal of this historic Las Vegas property, and we are eager to see who would invest in this premier and notable property - and perhaps turn it into something entirely new - in the coming months.