Vegas Ventures LLC has agreed to buy the Downtown Grand hotel-casino in Las Vegas out of receivership, with the proposed transaction awaiting court approval and Nevada gaming regulatory requirements, according to 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 deposited $2.7 million into escrow, which will be credited toward the purchase price. The purchase price was not disclosed in court filings.
The parties intend to close the transaction as soon as practicable and no later than Sept. 30, according to court documents. A hearing on the receiver’s request is proposed for Sept. 22.
Banc of California, which holds the senior lien on the assets, has consented to the transaction. Under the proposed structure, claims and liens would generally attach to the sale proceeds rather than the assets transferred to Vegas Ventures.
Huygens said in court documents that Vegas Ventures had submitted the best available offer after the receiver considered proposed terms, contingencies and other factors affecting the value of the bids. No qualified bid exceeded Banc of California’s estimated secured claim, according to the filings.
The proposed sale follows a competitive marketing process that generated nine letters of intent.
Province sent sale materials to 167 prospective buyers, including strategic and financial investors, according to a declaration by Province partner Daniel Moses. Of those, 79 responded, while 45 signed confidentiality agreements and 43 accessed a virtual data room.
Province also conducted about 23 property tours with 13 separate parties.
The firm prepared a 53-page confidential information memorandum and a virtual data room containing more than 940 documents related to the property, Moses said in the declaration.
If approved, Vegas Ventures intends to assume the existing lease with Fifth Street Gaming LLC, which operates the Downtown Grand casino.
The buyer plans to select a qualified third-party operator for the property’s hotel, restaurants and other nongaming operations. Existing management agreements involving CIM Group Hotel, Third Street Management Group, CIM Management and DTG Las Vegas Manager could be terminated if Vegas Ventures chooses not to assume them.
The Downtown Grand has been under receivership since January after a default on a construction loan used to finance a new hotel tower.
The loan was originally $82.5 million and was later increased by $7.5 million. Court filings now show that more than $105 million is due and owing.
Banc of California sued the property’s ownership entities in December after alleging that borrowers stopped making required interest payments in March 2025 and failed to repay the loan when it matured on Aug. 19, 2025.
Vegas Ventures was organized as a Massachusetts limited liability company on Aug. 18, five days after signing the purchase agreement. William “Bill” Keravuori, founder of Boston-based real estate development firm Able Company, is listed as its manager and resident agent.
The Downtown Grand has been marketed for sale before the receivership, with previous efforts advancing to due diligence and negotiations but failing to close.
The proposed transaction would provide a path for the property to exit receivership and move under new ownership, subject to the court and regulatory approvals.