Rolling Stone is one of the most iconic names in the world of music, best known for its monthly magazine that discusses everything from rock music to pop culture, and politics.
Its parent company was looking at new opportunities and had reportedly identified the Downtown Grand casino resort in Las Vegas as a potential good fit. Rumors emerged in March that Penske Media was in discussions to open what would be the Rolling Stone Hotel and Casino.
Vital Vegas posted on social media Wednesday the exclusive scoop that the deal is now dead:
The Las Vegas expert went on to cite several sources who claim that the property’s current owner CIM Group has laid off about 20% of the workforce due to struggling occupancy rates.
a reported initial asking price of $180m
CIM Group has owned the Downtown Grand casino resort since 2007 and overseen about $200m worth of renovations, most recently in 2020 with the completion of a new tower. The private equity firm put the property up for sale in July 2024, with a reported initial asking price of $180m.
The Downtown Grand is an iconic downtown casino, having previously operated as the Lady Luck between 1968 and 2006.
