Penske Media Corporation, owner of Rolling Stone and other celebrity media brands, is a leading contender to buy Las Vegas' Downtown Grand Hotel & Casino. The intended purchase is the newest development in an extended effort by current owner CIM Group to offload the underperforming downtown casino.
According to Vital Vegas, individuals close to the matter confirm Penske Media is in serious negotiations to acquire the Downtown Grand. The move follows John Unwin's Corvus Collective's previous attempt that fell through. Despite said to be near a deal, Corvus couldn't raise the $30 million in cash required to complete the purchase.
CIM Group, Downtown Grand's owner for more than a decade, pursued various efforts to sell the property but hasn't succeeded until now. Industry insiders say this is as close as CIM has come to signing on the dotted line. Penske Media's interest marks a turning point for the hotel-casino and downtown Vegas overall.
If the acquisition succeeds, the firm is expected to rebrand the property under Rolling Stone's name, leveraging its highly identified brand in popular culture and music. Such a move would involve building the Rolling Stone Hotel & Casino around entertainment, live shows, and cultural events—a departure from Downtown Grand's current branding, which consistently failed to establish itself with a distinct identity.
Upgrading the Fremont Street Experience
The Downtown Grand, close to the Fremont Street Experience, was never able to attract walk-by traffic, as it's off the tourist Strip.
As a brand, Rolling Stone can narrow the gap through music-focused activations and street-level entertainment along the Strip, especially as Las Vegas is up-and-coming in the concert scene. Sphere Las Vegas, for example, generated $420.5 million in concert revenue alone during 2024.
Penske Media's live event and entertainment experience might be the key. The firm holds a 50% interest in South by Southwest (SXSW), the Austin, Texas-based annual festival. That interest might create differentiated event programming and alliances in Vegas, adding to a reconfigured Downtown Grand's allure.
This potential purchase's timing is noteworthy, with the upcoming Hard Rock Las Vegas 2027 opening on the existing Mirage on the Strip site. While the new Hard Rock will contribute to the city's music-themed hospitality market, the rebranded Rolling Stone Hotel & Casino would provide a downtown counterpoint, focusing more on independent and alternative musical genres that characterize Penske's media holdings.
While no deal has been finalized, and Penske Media made no public comment about the talks, industry insiders believe the firm has the financial wherewithal and vision to acquire the property and renovate the Downtown Grand. If it happens, the purchase would represent a broad transformation of downtown Las Vegas' nightlife and possibly remake the area's draw for younger, experience-driven tourists.
