Just a few weeks ago, Rolling Stone magazine’s parent company reportedly withdrew its interest in buying the Downtown Grand casino resort in Las Vegas. Penske Media had been in talks for several months about doing a deal, which is now dead in the water.
Vital Vegas had the initial scoop on the story and has now reported rumors that the property has not been paying vendors recently:
Vendors of a casino include everything from gaming equipment suppliers to hotel management systems and security.
Downtown Grand could be looking at foreclosure and a potentially forced sale
According to the local expert, sources said that the Downtown Grand could be looking at foreclosure and a potentially forced sale as a result.
The casino hasn’t been having the best time of late, reportedly laying off about 20% of its workforce as it struggles with occupancy rates. It recently rolled out discounted room packages, eliminated resort fees, and included gaming and dining perks to try to sweeten the deal.
This is a trend at other Las Vegas casinos, with dropping tourism rates putting pressure on operators to drum up business.
