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Another new casino resort is being planned for the Las Vegas Strip, and this one has a real chance of being built. Plus, a downtown casino is getting new owners, and Caesars has big plans for the entrance of the Horseshoe.
Las Vegas is undergoing notable shifts across both its classic downtown core and expanding corridors along the Boulevard. Down in the gaming district, the Downtown Grand hotel and casino is preparing for new ownership as Vegas Ventures LLC agreed to purchase the property out of receivership. The resort entered receivership after defaulting on a construction loan that grew to over one hundred five million dollars following an expansion project.
Receiver Paul Huygens selected Vegas Ventures as the winning bidder after a marketing process that drew interest from dozens of parties. Vegas Ventures, led by William Keravuori of Able Company, deposited two point seven million dollars into escrow and intends to maintain the casino operation agreement with Fifth Street Gaming while bringing in new management for non-gaming amenities. With senior lender Banc of California approving the transaction, the sale offers a clear path for the property to exit receivership and stabilize operations.
Meanwhile, on the Strip outside Horseshoe, a major retail real estate change occurred as Caesars Entertainment bought out JGB Vegas Retail’s ninety-two percent stake in the Grand Bazaar Shops for sixty-six million dollars. Gaining full ownership of the two-acre outdoor mall gives Caesars complete authority over the footprint, which opened in 2015 where Bally's former moving walkway and green space once stood. Caesars has wanted to redesign the resort frontage, and the buyout indicates the outdoor retail plaza will be phased out as tenant leases expire over the next few years.
Further south on Las Vegas Boulevard, developer Michael Ochoa proposed a new resort named the Silverado. Situated about five miles south of the Strip at Las Vegas Boulevard and Richmar Avenue, the thirteen and a half acre project features two six-story hotel towers and a parking garage. The initial phase includes a three hundred room hotel, a fifty-seven thousand square foot casino, dining, and event space, with a second phase adding one hundred fifty rooms to reach four hundred fifty total.
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