Vegas Ventures LLC is set to acquire the Downtown Grand hotel-casino in Las Vegas from receivership, pending court approval and meeting Nevada gaming regulatory requirements, as reported by the Las Vegas Review Journal.
Court-appointed receiver Paul Huygens of Province LLC filed a motion in Clark County District Court seeking approval of the sale. The buyer signed an asset purchase agreement on Aug. 13 and placed $2.7 million in escrow, to be credited towards the purchase price. The purchase price was not disclosed in court filings.
The parties aim to close the deal as soon as possible and no later than Sept. 30, according to court documents. A hearing on the receiver’s request is scheduled for Sept. 22.
Banc of California, the senior lienholder on the assets, has approved the transaction. According to the proposed structure, claims and liens would generally be attached to the sale proceeds rather than the assets transferred to Vegas Ventures.
In court documents, Huygens mentioned that Vegas Ventures presented the most competitive offer after considering proposed terms, contingencies, and other factors impacting bid values. None of the offers exceeded Banc of California’s estimated secured claim, as per the filings.
The proposed sale follows a competitive marketing process that attracted nine letters of intent.
Province sent sales materials to 167 potential buyers, including strategic and financial investors, as stated in a declaration by Province partner Daniel Moses. Out of those, 79 responded, while 45 signed confidentiality agreements and 43 accessed a virtual data room.
The firm prepared a 53-page confidential information memorandum and a virtual data room containing over 940 documents related to the property, as mentioned by Moses in the declaration.
If approved, Vegas Ventures plans to uphold the existing lease with Fifth Street Gaming LLC, which operates the Downtown Grand casino.
The buyer intends to choose a qualified third-party operator for the hotel, restaurants, and other non-gaming operations of the property. Existing management agreements involving CIM Group Hotel, Third Street Management Group, CIM Management, and DTG Las Vegas Manager could be terminated if Vegas Ventures decides not to assume them.
The Downtown Grand has been under receivership since January due to a default on a construction loan used to finance a new hotel tower.
The original loan amount of $82.5 million was later increased by $7.5 million. Court filings now indicate that more than $105 million is due and outstanding.
Banc of California filed a lawsuit against the property’s ownership entities in December, alleging that borrowers ceased making required interest payments in March 2025 and failed to repay the loan upon maturity on Aug. 19, 2025.
Vegas Ventures was established as a Massachusetts limited liability company on Aug. 18, just five days after signing the purchase agreement. William “Bill” Keravuori, founder of Boston-based real estate development firm Able Company, is listed as the manager and resident agent.
The Downtown Grand has previously been marketed for sale prior to the receivership, with previous attempts progressing to due diligence and negotiations but ultimately not closing.
The proposed transaction provides a way for the property to exit receivership and transition to new ownership, subject to court and regulatory approvals.