Downtown Las Vegas Casino Is On The Market

Downtown Grand is looking for a buyer. While the hotel and casino isn’t listed under current downtown Las Vegas commercial real estate listings, the Las Vegas Review-Journal cites multiple casino industry sources saying the property is on the market.

The hotel and casino a block north of the Fremont Street Experience is owned by the real estate investment firm CIM Group. Fifth Street Gaming operates the casino.

The latter also operates Ojos Locos Sports Cantina Y Casino and Silver Nugget Casino in North Las Vegas along with The Golden Tiki gaming bar on Spring Mountain Road.

There isn’t much on-the-record information from the owner or operator about the sale of Downtown Grand. However, there’s one rumor that says CIM is asking just under $200 million for the casino and hotel in downtown Las Vegas.

What Does Downtown Grand Offer a Buyer?

Downtown Grand opened in 2013 using the infrastructure of Lady Luck Casino, which closed in 2006. The property expanded in 2020 with the opening of the Gallery Hotel Tower.

The additional hotel tower gives Downtown Grand 1,124 hotel rooms. The property has a modest 25,000-square-foot casino floor. While Fifth Street Gaming operates most of the casino, the sportsbook is operated by Caesars.

Downtown Grand also has the Citrus rooftop pool deck, two bars, and one attached restaurant, Freedom Beat. The property is currently linked with other nearby eateries including Pizza Rock, Triple George, and the Hogs & Heifers bar. All three are across the street from Downtown Grand.

The one-block walk from the Fremont Street Experience might be a negative for a buyer looking for the best location. However, this makes it a nice respite for casino guests looking for a more relaxing casino experience than the 24-hour party under the canopy of the Fremont Street Experience.

Downtown Grand has challenges but offers plenty for a buyer.

New Buyer Will Have to Work Hard to Attract Guests

Downtown Grand has to hustle a little harder than other casinos in the area due to its location outside of the Fremont Street Experience to draw visitors. It offers a slew of discounts and promotions to entice visitors to stay away at a hotel away from the action.

Hotel guests aren't the only target with special promotions. The property has a $2 hot dog and beer combo for those just passing through the casino. On the casino side, Downtown Grand is the only gaming floor with a $1 live dealer blackjack game.

When Downtown Grand opened in 2013, it offered table games with low minimums, player-friendly odds and rules, and fair video poker games. This has changed slightly over the years.

According to vpFREE, a few weeks ago Downtown Grand removed the last video poker games with player-friendly paytables. Blackjack players will find a mix of games and craps odds are average.

Downtown Grand has experimented with a variety of casino floor games and layouts over the years. Some ideas like Street Dice outside of the casino were unique but unsuccessful. Outdoor blackjack also folded shortly after opening.

Where there are challenges, there are opportunities. Whoever buys Downtown Grand will have a lot of work on their hands.

This could lead to another decade of stagnation for the property or an opportunity to make a dramatic change in downtown Las Vegas.

More Downtown Las Vegas Casino Hotels Available

According to Loopnet, there are four hotels in downtown Las Vegas on the market. Two of those hotels could become home to a casino once again.

Gold Spike and Oasis is just outside of the Fremont Street Experience near Downtown Grand. The property comes with a non-restricted gaming license along with 130 hotel rooms and a bar.

The casino was closed in 2013 to create a non-gaming work-and-play venue for the area. The hotel was home to Real World Las Vegas shortly after the change. 

Older visitors to the area might remember Gold Spike for its small casino. Gold Spike had a niche with downtown Las Vegas visitors looking for a different casino experience. A visionary could bring gaming back to the property.

Western Hotel and Bingo Hall is also available for purchase. This property occupies a full city block east of the Fremont Street Experience.

Between the vacant land and existing property, there’s plenty of space for a creative mind to bring an old casino hotel back to life. There's so much space that the casino could be expanded or a developer could add retail and dining.

The Downtowner Hotel is near the Western and is available for just under $13 million. This is a renovated motel without a gaming license. Another small downtown hotel is even farther away from the Fremont Street Experience and on the market. This hotel could have bartop gaming but not a full casino.

(Image: Chon Kit Leong / Alamy)