Penske Media Plans Rolling Stone Hotel and Casino in Downtown Las Vegas

Penske Media Corporation (PMC) is in negotiations to acquire Grand Hotel & Casino in Las Vegas and turn it into a Rolling Stone Hotel and Casino, Billboard reports. The potential acquisition, which is still in the due diligence phases, would represent another significant step in PMC's long-game investment strategy to grow its brand and touchpoints through higher-end experiential and hospitality pursuits. A spokesperson for PMC stated, "While we do not comment on specific investment or acquisition details, Penske Media is always looking for strategic opportunities that meet the long-term goals of our brands."

The Downtown Grand, currently operated by Fifth Street Gaming and owned by CIM Group, would become a new hub for PMC's growing presence in Las Vegas. The Rolling Stone Hotel and Casino, if finished, could also potentially become a new home for the Life Is Beautiful Music & Art Festival, which PMC purchased in 2022. The shift is in step with PMC's larger effort to take the Rolling Stone brand overseas, just as the Hard Rock Cafe did through licensing models.PMC is already making moves in Las Vegas entertainment.

On Mar. 12, the company launched "Rolling Stone Presents: Amplified, The Immersive Rock Experience" at Illuminarium Las Vegas. Plans are underway for major productions, such as the 51st American Music Awards on May 26, 2025, with speculation that the 61st Academy of Country Music Awards may also return to Las Vegas next year.

As part of anticipated operational changes, the Downtown Grand implemented a no-smoking policy in all hotel rooms and suites beginning Jan. 3, 2025. With additional global real estate expansions in consideration, PMC continues to solidify its presence in the city's entertainment and hospitality landscape, viewing Las Vegas as a key market for future growth.