Downtown Grand hotel-casino has been operating under a court-appointed receiver since early January, and the property is now being prepared for sale after its owners defaulted on a $90 million construction loan, according to Clark County District Court records.
A Jan. 5 order placed the property and its ownership entities into receivership at the request of Banc of California, the lender on the Downtown Grand loan. An amended appointment order was entered the next day.
The most recent filing, a stipulation and order entered March 5 and noticed on March 25, shows the receivership is well underway and that the receiver, Paul Huygens of Henderson-based Province LLC, has already begun a formal effort to sell the hotel-casino at the corner of North 3rd Street and Ogden Avenue in downtown Las Vegas.
