Downtown Grand Hotel & Casino in Las Vegas has been on the market for approximately a decade, but the right buyer may have recently come along as Penske Media Corporation, the parent company of Rolling Stone and Billboard, is considering changing the name and the concept to reflect a rock ’n roll-themed downtown property.
Let’s take a closer look at the project’s details and how it might impact top-rated sportsbooks in the region.
Let’s Make a Deal
In 2007, the Lady Luck Hotel was purchased by CIM Group, and it took six years and $100 million for the new owners to remodel and rename the dormant hotel carcass as the Downtown Grand Hotel & Casino. The owners have been pining to sell the property almost as soon as they reopened it, but deals have come and gone until this most recent overture by Penske Media Corporation (PMC), parent company of Rolling Stone.
PMC’s proposed Rolling Stone Hotel & Casino would emulate the motif of the Hard Rock Casino that pays homage to the history of rock n’ roll and features contemporary music of all genres. A competing brand with a similar theme, the Hard Rock Hotel & Casino, will swing open its doors to the public in 2027 after renovations to the old Mirage and a rebranding are complete.
However, unlike the Hard Rock, the Rolling Stone Hotel & Casino will be located near the Fremont Street Experience and not the more glamorous Las Vegas Strip. PMC is striving to leverage its iconic Rolling Stone brand into other ventures, and in this case, gaming and hospitality. Yet, there is a long way to go between now and then, as the deal looks promising but is far from finished.
A spokesperson for PMC stated, “While we do not comment on specific investment or acquisition details, Penske Media is always looking for strategic opportunities that meet the long-term goals of our brands.”
Must Be the Music
PMC has already established a presence in the Las Vegas area with the Life Is Beautiful Music & Art Festival, which PMC acquired through Rolling Stone in 2022. Last September, a version of the festival named A Big Beautiful Block Party was held at the Plaza Hotel and Casino.
Instead of bringing these festivals to surrounding Las Vegas properties, PMC would like to hold its high-profile concerts at its own location instead and establish it as a celebrated venue for both rising and established musical artists.
A company spokesman previously said the festival was making a “long-term investment in Las Vegas real estate” for a future downtown location. “We are committed to growing our international and domestic footprints in both experiential and hospitality for Rolling Stone,” the spokesperson added. “As producers of over three hundred events annually across the portfolio, Las Vegas, like other entertainment centers, remains an important market for us.”
PMC-owned Dick Clark Productions will be hosting the 51st American Music Awards on Memorial Day, May 26th, in Las Vegas while rumors are swirling that the 61st Academy of Country Music Awards could also be coming to Sin City.
