The Las Vegas Sun has this article running...

http://www.lasvegassun.com/news/2012/feb/08/old-lady-luck-slated-reopen-next-year-downtown-gra/

Briefly, after a $100M renovation takes place, the old Lady Luck will be opened next year as the Downtown Grand. The plan has been approved by the Nevada Gaming Commission, and will retain the bridge that connects the two towers and blocks the view of the Mob Museum from Fremont St. However, the bridge will be re-modeled to have a lot of glass.

Oh, and 32 tables are planned, so it looks like new chips!!!!

Jim