After eight months in a court-ordered receivership, the Downtown Grand has been sold. Vegas Ventures LLC, based in Boston, was selected from a roster of 45 parties that signed confidentiality agreements. Vegas Ventures immediately deposited $2.7 million in earnest money on the unannounced purchase price and indicates that it intends to assume the existing lease with the current operating company, which should serve to avoid disruptions during the ownership transition. The sale is expected to be approved by the court at a hearing this month.
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