Downtown Grand Hotel and Casino in Las Vegas is being prepared for sale after its owners defaulted on an $82.5 million construction loan. A court-appointed receiver, Paul Huygens, has begun a formal effort to sell the hotel-casino. The bank, Banc of California, the lender on the loan, sued the Downtown Grand's ownership companies on Dec. 23 alleging they stopped making required interest payments on March 21, 2025, and failed to pay the loan in full when it matured on Aug. 19, 2025. The most recent filing indicates that Huygen has taken "possession and control" of the property and has "largely stabilized operations" with additional funding provided by Banc. The next step in the case will be a motion from the receiver outlining proposed bidding procedures and a formal sale timeline.