Lady Luck wasn't so lucky for a few years--being closed. The hotel and casino were closed since February 2006, Reports indicate that as renovations continue, the hotel's name will be changed from Lady Luck to the Downtown Grand.
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In this view, some outward signs that renovations are/have been in progress
The owners of Lady Luck, the CIM Group, reportedly have made an agreement with the City of Las Vegas to have renovations done by the end of December, 2011. Lady Luck (AKA Downtown Grand) may re-open for business sometime in 2012.