Lady Luck Casino in Downtown Las Vegas To Undergo Name Change

Things are looking up in downtown Las Vegas, and the improving economic conditions in “Glitter Gulch” have resulted in another shuttered hotel getting a makeover and preparing for a re-opening. The Lady Luck Hotel and Casino is getting a name change as part of a complete overhaul to the tune of over $100 million. The red ‘Lady Luck’ signage is being removed today—it was originally scheduled for Wednesday but high winds delayed the task—and some of it will be donated to the Neon Museum. The property will henceforth be known as the Downtown Grand.

The perpetually PMS-ing Las Vegas nostalgics are already weeping about the loss of the ‘iconic’ Lady Luck signage, but in reality there’s little historical value in the failed downtown ‘grind joint’. Although the long suffering downtown gaming coridor no doubt played a part in the failure of the Lady Luck, the latest economic downturn is certainly not to blame—the property closed in 2006 when the local economy and tourism industry in Las Vegas was flying high. The Lady Luck is located a few blocks from the Fremont Street Experience and never really had enough to lure customers from the epicenter of downtown Las Vegas.

The current owner—Los Angeles based CIM Group—purchased the property in 2007. They’ve been plotting what to do with it for several years while navigating the difficult economic environment and the city’s agenda in the redevelopment of downtown. Finally, the timing appears to be right. Downtown Las Vegas is starting to gain traction as a ‘hip’ destination and the Lady Luck/Downtown Grand will be the closest casino to the $42 million Mob Museum, set to open early next year. The remodeled hotel could open as soon as mid 2012 and per a deal with the city the management is committed to completing $100 million worth of improvements by September 30, 2013. In addition, the city has set certain qualitative standards for the hotel itself meaning that the developers aren’t in a position to skimp.

Fifth Street Gaming is managing the redevelopment for the ownership group and CEO Seth Schorr indicates that the property won’t skimp on quality:

“The standard room is the best standard room downtown. Our room will not look like anyone else’s room.”

It’s a welcome rebirth for a property once described by former Las Vegas Mayor Oscar Goodman as a “carcass” and a “disaster” among other things:

“For the past several years I have seen a rotting corpse. The Lady Luck structure has been a blight.”

With the Southern Nevada economy improving and more people discovering the many new entertainment options around Fremont Street the entire area is finally starting to validate Goodman’s vision of a revitalized downtown. Fifth Street CEO is also bullish on the future of downtown Las Vegas:

“We are proud of being downtown, we love being downtown.”

The entire Downtown Grand redevelopment project includes several phases and when complete will encompass 11 restaurants, seven bars, a 50,000-square-foot casino and 22,000 square feet of retail space over 6.27 acres. The first phase of the project is expected to add 500 construction jobs to the Las Vegas economy with 700 hotel/casino jobs coming on line upon completion.