How Downtown Grand Las Vegas Defaulted on $90 Million and Lost the Casino

“Downtown Grand Las Vegas defaulted on a $90 million construction loan and is now being sold off in 2026 after a court-appointed receiver took control of the property. Here is the full story of how a downtown Las Vegas hotel-casino went from a $200 million CIM Group renovation to receivership in under two years. This episode covers the failed sales attempts including the Corvus Collective deal and the Penske Media Corporation talks to rebrand the property as a Rolling Stone Hotel and Casino, the slow collapse of vendor relationships, restaurant closures, and layoffs through 2025, and the formal receivership process now underway under Banc of California’s lender claim. What you’ll find out in this video: • The full timeline of Downtown Grand’s $90 million loan default • Why the Penske Media deal to rebrand the property as a Rolling Stone Hotel and Casino collapsed • How the Gallery Tower expansion led to the financial crisis • What happens next under Nevada’s Uniform Commercial Real Estate Receivership Act • What the sale means for downtown Las Vegas visitors right now CHAPTERS 0:00 — Intro 0:29 — The Property Today 1:22 — From Lady Luck to Downtown Grand 2:17 — The $90 Million Tower 3:18 — The Failed Sales 4:35 — The 2025 Collapse 5:48 — The Receivership 7:07 — What Comes Next CREDITS Court records: Clark County District Court (case A-25-935764-B). Reporting: Las Vegas Review-Journal, KLAS 8 News Now, GGB Magazine, Yogonet International, Casino.org, Vital Vegas, Billboard, CDC Gaming, Casino.com, KSNV News3, PokerNews, Pacific Coast Business Times. Property history and primary sources: CIM Group press releases, Banc of California SEC filings, Nevada Gaming Control Board statements. #LasVegas #DowntownGrand #DowntownGrandLasVegas #DowntownGrandSale #DowntownGrandReceivership #LasVegasCasinos #VegasDecoded #DowntownLasVegas #VegasCasinoNews #LasVegasHotels #CIMGroup #RollingStoneHotel #PenskeMedia #CasinoReceivership #VegasBusinessNews #LasVegas2026 #FremontStreet #VegasDecoded”