Buyer lined up for downtown Las Vegas casino; court approval needed

Receiver Paul Huygens of Henderson‑based Province LLC has identified a purchaser for the Downtown Grand hotel‑casino and is asking a Clark County District Court justice to authorize the sale. Huygens filed a motion on Tuesday seeking approval to sell substantially all of the property’s assets to Vegas Ventures LLC, a Massachusetts limited liability company, according to court records. The proposed transaction follows a months‑long competitive sales process that produced nine letters of intent and comes after the default of a construction loan that court filings show now exceeds $105 million in outstanding debt. Vegas Ventures signed an asset purchase agreement with the receiver on Thursday, Aug. 13 and deposited $2.7 million into escrow that day; the deposit will be applied toward the purchase price at closing. The exact purchase price was not disclosed in the documents reviewed by the Las Vegas Review‑Journal. The parties intend to close the deal as soon as practicable, but no earlier than Sept. 30, the filing states. The sale remains contingent on court approval and compliance with Nevada gaming regulations. Banc of California, which holds the senior lien on the assets, has consented to the transaction; under the proposed structure, most claims and liens would attach to the sale proceeds rather than remain with the transferred assets. Vegas Ventures plans to assume the existing lease with Fifth Street Gaming LLC, which operates the casino, while selecting a qualified third‑party operator for the non‑gaming portions of the property, according to the receiver’s declaration. The purchase agreement also permits the termination of current management agreements involving CIM Group Hotel, Third Street Management Group, CIM Management and DTG Las Vegas Manager if Vegas Ventures chooses not to adopt them. The sale follows an extended marketing effort by Province. Partner Daniel Moses said the firm prepared a 53‑page confidential offering memorandum and created a virtual data room containing more than 940 documents related to the property. Materials were distributed to 167 prospective buyers, including strategic and financial investors; 79 responded. By July 28, 45 parties had signed confidentiality agreements and 43 had accessed the data room. Province also conducted roughly 23 site tours with 13 separate groups, ultimately receiving nine letters of intent, six of which included supplemental information on the bidders’ financial capacity, operating qualifications, regulatory suitability and deal terms. Participating bidders were asked to provide verifiable proof of funds. Earlier filings indicate the Downtown Grand had been marketed for sale before receivership commenced. Moses noted that prior sale attempts in recent years advanced to exclusive due diligence and negotiations but did not close. Huygens determined that Vegas Ventures submitted the best available offer after evaluating the proposed terms, contingencies and other factors affecting bid value, according to court documents. He added that no qualified bid exceeded Banc of California’s estimated secured claim. The property has been under receivership since early January, when the court granted Banc of California’s petition to place the hotel‑casino and related ownership entities under third‑party control. The ownership entities had obtained $82.5 million in construction financing to fund a new hotel tower; the debt later increased by $7.5 million. Banc of California filed suit in December after alleging the borrowers stopped making required interest payments in March 2025 and failed to repay the loan when it matured on Aug. 19, 2025. Court filings this week show more than $105 million is currently owed and owing on the construction loan. A hearing on the receiver’s petition to approve the sale is scheduled for Sept. 22, according to court filings.