Life Is Beautiful

Penske Media Corporation (PMC) is in talks to open a Rolling Stone Hotel and Casino in downtown Las Vegas, sources tell Billboard.
The potential property would open on the site of the Downtown Grand Hotel & Casino, which PMC (owner of Rolling Stone as well as brands including Billboard) is currently in talks to acquire from CIM Group, the sources say. As reported by Vital Vegas, which first reported the news of PMC’s possible acquisition, PMC is just one of several potential buyers for the property; suitors have also included John Unwin‘s Corvus Collective, which dropped out after failing to come up with the $30 million in cash needed to complete the purchase. Downtown Grand is currently managed by Fifth Street Gaming.

If talks are successful, the Rolling Stone Hotel and Casino could well be the future site of the Life Is Beautiful Music & Art Festival, which PMC acquired through Rolling Stone in 2022. As a PMC spokesperson told the Las Vegas Review-Journal in February, the festival “is in the process of making a long-term investment in Las Vegas real estate for the festival’s new home downtown.” A version of Life Is Beautiful, A Big Beautiful Block Party, was staged for two days and nights last September at the Plaza Hotel and Casino in downtown Vegas with headliners Peggy Gou, Justice, LCD Soundsystem, Jamie xx and Jungle.

While nothing is confirmed — sources say the due diligence process for PMC’s potential acquisition of the Downtown Hotel & Casino is underway — Rolling Stone and its sister brands have been looking to strategically invest in opportunities that create brand extensions. Indeed, licensing and experiential opportunities have been a major part of the brand strategy for PMC and Rolling Stone. On March 12, Rolling Stone opened Rolling Stone Presents: Amplified, The Immersive Rock Experience, a first-of-its-kind 360-degree immersive music history experience at Illuminarium Las Vegas at AREA15 that included more than 1,000 photographs, 200 videos and 1,300 Rolling Stone covers and featured more than 300 iconic artists.

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

Rolling Stone is looking into several additional real estate opportunities around the world and will consider those that meet strategic long-term goals for the brand, sources say, with the Rolling Stone name being licensed for casinos and hotels, similar to Peter Morton‘s Hard Rock Cafe playbook.

PMC and its brands produce more than 300 live events per year and have several events planned in Las Vegas, including the 51st American Music Awards — part of PMC-owned Dick Clark Productions — which will return to the city on Monday, May 26. There is also talk of the 61st annual Academy of Country Music Awards moving to Vegas next year, sources say.