History
- In 2000 the Lady Luck was acquired by Isle of Capri.
- On June, 2002 it was purchased by Steadfast AMX who turned two floors into timeshares.
- On May 13, 2005 it was purchased by the Henry Brent Company for $24 million.
- On May 16, 2005 plans were announced for a major renovation and expansion of the property to begin early in 2006. On February 11, 2006 the hotel and casino, but not the timeshares, closed for remodeling; the property was expected to be closed for nine to twelve months but financing collapsed.
- On June 12, 2007 the casino was purchased by the CIM Group for $20.4 million.
The CIM group is the largest commercial landlord in a Hollywood shopping and entertainment district and has not begun the renovation. The plan was to leverage the Fremont Street Experience as part of a plan to revive Third Street with new retail and entertainment venues and as many as three new hotel towers.
In July 2008 the city was investigating rezoning the nearby land containing the transit center to unrestricted gaming. When the transit center is relocated, the land would be available for development. Mayor Oscar Goodman applauded the attempt to re-invigorate the plans to renovate the Lady Luck. "For the past several years I have seen a rotting corpse," Goodman said of the property's condition. "The Lady Luck structure has been a blight."
As of July 2009, Las Vegas mayor Oscar Goodman once again said in a council meeting that "The Lady Luck is a disaster," and then called the skeletal structure a "carcass."
Las Vegas city leaders want Lady Luck developers CIM Group to raze the unfinished structure at Fourth Street and Stewart Avenue and do a better job of keeping sidewalks and landscaping clean near the site. CIM has until late December 2009 to start a $100 million renovation of the Lady Luck or the company could lose out on the city's offer to hand over land around the proposed nearby Mob Museum.
On July 23, 2009, some demolition work started on a 4 story concrete building adjacent to the main resort. This work was completed in accordance with the city's request for CIM Group to raze the condemned structure.
On March 15, 2010, CIM Group made an agreement with City Officials to have the renovations completed by December 31, 2011. There is the potential that the hotel/casino will reopen in 2012, 5 years after its originally scheduled reopening in 2007.
In October 2011, plans were announced to rename the Lady Luck to the Downtown Grand.
Read more about this topic: Lady Luck Hotel & Casino
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