One of the world’s largest media and live events firms is in talks to acquire Las Vegas’ Downtown Grand Hotel & Casino to transform it into a Rolling Stone-branded property.
Penske Media Corporation’s move to open a potential Rolling Stone Hotel and Casino in downtown Vegas comes amid interest in the Downtown Grand property from multiple suitors.
Media sources, however, report Penske’s due diligence for acquiring the Downtown Grand is underway.
firm’s strategy is to grow its Rolling Stone brand
A Penske statement on the matter confirmed the firm’s strategy is to grow its Rolling Stone brand on both local and domestic fronts. “As producers of over three hundred events annually across the portfolio, Las Vegas, like other entertainment centers, remains an important market for us.”
According to Billboard, if talks are successful, another Penske-owned brand, Rolling Stone, could host the Life Is Beautiful Music & Art Festival, which the media giant purchased in 2022.
Billboard also referenced a February statement from a Penske spokesperson to the Las Vegas Review-Journal that its festival brand was “in the process of making a long-term investment in Las Vegas real estate for the festival’s new home downtown.”