Downtown Grand Casino in Las Vegas Sold After Lengthy Receivership

The Downtown Grand Hotel & Casino in Las Vegas has been sold to Vegas Ventures LLC after a lengthy receivership process. The sale was approved by a Clark County District Court judge on Oct. 7. The judge had placed the casino in receivership in January after ownership defaulted on a $90 million construction loan in December, which led the court to place the property in receivership a month later. The defaulted amount is now more than $105 million.

The action against Downtown Grand came at the request of the Banc of California. It sued casino owner CIM Group following the default. Vegas Ventures LLC is set to take over ownership. The judge rejected objections from investors linked to the property and cleared the way for the casino to be removed from receivership. The property will now change hands without passing on any liens or claims, addressing all debt obligations with the previous lender while in receivership.

William “Bill” Keravuori heads up Massachusetts-based Vegas Ventures. Vegas Ventures plans to choose another operator to run the hotel, dining venues, and other facilities. The Downtown Grand sale comes after Clark County commissioners also recently approved a new casino project on the Las Vegas Strip across from Mandalay Bay.