Penske Media seeking to open Rolling Stone-branded hotel and casino in Las Vegas, Billboard reports

Penske Media Corporation (PMC) is in discussions to develop a Rolling Stone Hotel and Casino in downtown Las Vegas, according to a report by Billboard.

The media company, which owns Rolling Stone and Billboard, is negotiating the purchase of the Downtown Grand Hotel & Casino from CIM Group. According to Vital Vegas, PMC is one of several potential buyers.

Other contenders included John Unwin’s Corvus Collective, which withdrew after failing to secure the $30 million in cash required for the deal. Downtown Grand is presently managed by Fifth Street Gaming.

If the acquisition proceeds, the Rolling Stone Hotel and Casino could become the new home for the Life Is Beautiful Music & Art Festival, which PMC acquired through Rolling Stone in 2022. 

A PMC spokesperson previously told the Las Vegas Review-Journal that the festival was making a “long-term investment in Las Vegas real estate” for its future downtown location. Last September, a version of the festival, called A Big Beautiful Block Party, was held at the Plaza Hotel and Casino, featuring headliners Peggy Gou, Justice, LCD Soundsystem, Jamie xx, and Jungle.

While the deal is still in due diligence, PMC and Rolling Stone have been strategically working on brand extensions, including licensing and experiential ventures.

On March 12, Rolling Stone unveiled Rolling Stone Presents: Amplified, The Immersive Rock Experience at Illuminarium Las Vegas in AREA15, featuring over 1,000 photographs, 200 videos, and 1,300 Rolling Stone covers spotlighting 300 iconic artists.

“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,” a spokesperson for Penske Media told Billboard. 

“We are committed to growing our international and domestic footprints in both experiential and hospitality for Rolling Stone,” the spokesperson added. “As producers of over three hundred events annually across the portfolio, Las Vegas, like other entertainment centers, remains an important market for us.”

PMC is also exploring additional real estate opportunities worldwide, with the Rolling Stone brand being licensed for hotels and casinos, akin to Peter Morton’s Hard Rock Cafe model.

PMC and its affiliates also continue to expand their live event footprint, with major upcoming Las Vegas productions, including the 51st American Music Awards—under PMC-owned Dick Clark Productions—returning on May 26. There is also speculation that the 61st Academy of Country Music Awards could move to Vegas next year.