Yeppers...it was!!

According to Art Anderson's Casino Ashtray book (and he was helped by our very own Janice McNeal...so that's pretty darn good credentials):

Built by Larry Wolf, a New York attorney, the Bonanza Hotel opened on July 1, 1967 at the corner of Las Vegas Blvd. S. and Flamingo Road.....cash-flow problems...closed in October of its first year.

Wolf sold the property to Kirk Kerkorian in September 1968, who sold it to Howard Levin who found out he didn't own all the land that the hotel was built on. A court order partitioned off some of the guest rooms as well as 18 feet of the Bonanza's dining room that were on land owned by the adjacent Galaxy Hotel. As a result, the Bonanza Hotel declared bankruptcy in 1970.

Kerkorian stepped back in, buying the hotel from Levin and the land from Ernest Lied of the Galaxy. Bulldozers ended the Bonanza to make room for Kerkorian's new MGM Grand Hotel.