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Official: Downtown Grand Is Not For Sale

By Chuckmonster on Monday, 5th October 2015 2:01pm
  » filed under Las Vegas  comments: 6


City manager (and guitar shredder) Betsy Fretwell told the local Las Vegas NPR show "State of Nevada" that Downtown Grand Hotel & Casino is not the father for sale.

I had a long conversation with CIM, owners of Downtown Grand and they communicated to me that the property is not for sale. In fact, they just sent me a letter this week saying that. I feel pretty confident that they are doing what they need to do to make that business successful for them and are continuing their commitment to downtown.

Well there you go. Downtown Grand is not closing. All those reports of the property being closed, having a Century 21 sign planted into the sidewalk out front, being an ignored bastard child of CIM or being nebulously held for a mysterious sale somewhere off in the future - all of that conjecture was complete and total crap.

Not only is Downtown Grand not closing, CIM is deep in the planning stages of expanding the Downtown 3rd district:

We're in active negotiation with [Downtown Grand and CIM] right now regarding the development [of a mall adjacent to the Mob Museum]. They have a development plan. We are working through some of the integration issues with the Mob Museum and how these two projects will integrate and work well together. So we're still working through that with CIM and they're anxious to move forward with that mall project. We're hopeful to see some significant progress on that project in the coming months.
Downtown Grand Mall

This is the second large-scale hotel closure rumor that has been debunked by property ownership. Like the first, Downtown Grand's closure rumor originated and perpetuated itself in the Las Vegas blogosphere's echo box. How could all of these writers get this story so absolutely, undeniably, completely wrong?

Downtown Grand is on the upswing. They've got a new CEO with a new vision, smartened up their offerings, expanded casino gaming by installing electronic table games (you can still play human dealer games in the old baccarat room) added Sunday football game BBQ promotions, big slot tournament promotions, focused events, TV show tie-ins and injected a bunch of new energy into the property.

Bullshit is and will always be just that.

Big thanks to VT superfriend Tim Hundy for the text tip.

Tagged: downtown grand   fremont street   misinformation   cim group   npr   


Comments & Discussion:

Let's not forget about their new motto "We Want Gamblers".......


Look, I love you guys, but you shouldn't be so hard on incorrect "scoops." My in-laws are insane Broadway fans, and I swore up and down that Book of Mormon was opening in Las Vegas. I even said it was from sources that are never wrong. It isn't a big deal to get things wrong now and again... anyone obsessively covering anything is going to do it.


@ranger Yes, you get some right and some wrong... That is a given and it would be dumb to crank on that. But seven people got seven different variations of the same story wrong. How does that happen?

Stoked for this. As I put in a review in August, there is a lot to like about this place.

When I saw the recent R-J article on Simms, I thought about Revel rolling out the "Gamblers Wanted" slogan. How'd that turn out? Although its unfair to compare a place within a growing downtown LV market to one in a floundering AC market.

Saw a post on another board who said they were at DTG last Friday at 4 pm and there was one blackjack table and one craps table open......roulette shut down. There was nobody playing the electronic games. How is this "wanting gamblers?"

I like the DTG and would love for it to succeed, but a lot of these moves aren't making sense.

I am still in the camp, that MGM was in discussions at some level of a property sale. You guys who cover the Vegas rumor mills are clueless on the level of effort it takes to get a deal done on the acquisition and divestiture sides. The fact that rumors ever reach the internet is usually a case of some employee being tapped for information violating an NDA early in the process. Between term sheets, vendors, debt transfer, determining what level of employees will be absorbed, computer systems, licensing agreements, etc. etc. etc Divestitures are highly complex. I have seen large deals go thru 6 months of negotiations, get within hours of signing, and fall apart days within signing. All while the share holders are ignorant. Anyone who thinks they have "inside knowledge" of any deal is full of crap.

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