Penske Media Corp., owner of Rolling Stone and other entertainment brands, is in advanced talks to purchase the Downtown Grand Hotel & Casino in Las Vegas, according to individuals familiar with the negotiations, per a report in Covers.com.
The prospective acquisition marks the latest attempt by the current owner, CIM Group, to sell the underperforming downtown property. As reported by Vital Vegas and later noted by Covers.com, this appears to be the closest CIM has come to finalizing a deal after multiple unsuccessful efforts over the past decade.
Previously, John Unwin’s Corvus Collective nearly reached an agreement to buy the Downtown Grand but could not secure the $30 million in cash required to complete the transaction.
According to Covers.com, sources say Penske Media is considering a rebrand of the Downtown Grand under its Rolling Stone banner, aligning the hotel-casino with music-themed entertainment, live performances, and cultural events. The goal would be to reposition the property to appeal to younger visitors and differentiate it from competitors on the Strip.
The Downtown Grand has struggled with visibility and foot traffic due to its location just off the Fremont Street Experience. A rebranded venue under Rolling Stone could include street-level activations and music-centric programming to draw in new audiences, according to Covers.com.
Penske Media already has experience in the live-events sector, holding a 50 percent stake in South by Southwest (SXSW), the annual music and media festival based in Austin, Texas. That connection could play a role in developing distinctive event programming for a reimagined Downtown Grand.
The timing of the potential acquisition comes as the Las Vegas hospitality market prepares to rebrand the Mirage into the new Hard Rock Las Vegas, expected to open in 2027. The Rolling Stone concept could offer a downtown alternative focused on independent and alternative music genres, aligning with the broader identity of Penske’s media holdings.
While no formal agreement has been announced and Penske Media has not commented publicly, multiple sources cited by Covers.com say the company has the financial resources and strategic interest to move forward.
If completed, the deal could signal a shift in downtown Las Vegas’ positioning—focusing more on branded entertainment and experience-driven tourism.
