The Fall Of The Falls Event Center: What Happened To The Multi-Million Dollar Venue Empire And Its Current Status
The Falls Event Center was once poised to be a national powerhouse in the hospitality industry, a chain of luxurious, state-of-the-art event venues stretching across the United States. However, as of late December 2025, the corporate entity behind this vision is now a cautionary tale of financial controversy, bankruptcy, and a dramatic collapse that left investors and booked couples in limbo. The story is not just about a business failure; it’s a high-profile case involving the Securities and Exchange Commission (SEC) and allegations of defrauding investors on a massive scale.
For anyone searching for "The Falls Event Center" today—whether for a wedding, a corporate event, or out of curiosity—the name now refers to a fractured landscape. The original, multi-location company is defunct, its properties sold off to satisfy creditors. Yet, several distinct, independent venues across the country still operate under a similar name, offering a fresh, modern experience completely separate from the original entity's scandalous past. Understanding the distinction is crucial for planning your next significant event.
The Rise and Catastrophic Fall of The Falls Event Center LLC
The original company, The Falls Event Center, LLC, was the brainchild of founder Steven L. Down. The business model was ambitious: to build and operate a chain of premium, modern event centers in high-growth markets, often featuring signature amenities like cascading waterfalls and contemporary architectural designs. The venues quickly gained popularity, particularly for large-scale events, weddings, and corporate gatherings in locations like Elk Grove, California, and Gilbert, Arizona.
The SEC Lawsuit and Investor Fraud Allegations
The dream began to unravel when the company and its founder were targeted by the Securities and Exchange Commission (SEC). In a high-profile case, the SEC filed settled charges against The Falls Event Center, LLC and Steven L. Down in May 2018, alleging that they had defrauded investors.
The core of the SEC's complaint was that Down and the company had misrepresented their financial health and profitability to investors. The allegations included lying about profits and the number of events being booked, which led to a significant loss of trust and capital. Down, a resident of Utah, was a central figure in the litigation, which ultimately resulted in the company settling the charges.
Chapter 11 Bankruptcy and the Aftermath
Following the SEC charges, The Falls Event Center, LLC filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Utah Bankruptcy Court (Case No. 2:18-bk-25116).
The Chapter 11 filing was a direct consequence of the financial and legal turmoil. A Chapter 11 Trustee was appointed, whose primary role was to manage the company's assets and formulate a plan for reorganization or liquidation to pay back creditors and investors. The bankruptcy proceedings involved numerous motions to sell off the company's real and personal property, effectively dismantling the national chain of event centers. This process left many couples who had booked their weddings and other events in a state of crisis, forced to scramble for new venues and sometimes losing deposits.
Where Are The Original "Falls" Venues Now?
The most common question people ask when searching for "The Falls Event Center" is about the fate of the specific locations they remember. The properties that were part of the bankrupt LLC were sold off, leading to a wave of rebranding and new ownership. The original name, tainted by the legal scandal, has largely been retired for these locations.
The Gilbert, Arizona Location: Reborn as Colby Falls
One of the most notable former properties was in Gilbert, Arizona. After the bankruptcy, this contemporary event space, known for its over-the-top waterfall and elegant courtyard, was acquired and rebranded. It now operates successfully as Colby Falls by Wedgewood Weddings.
Colby Falls is a prime example of a venue that survived the corporate collapse of its former owner. Under the management of Wedgewood Weddings, it continues to be a premier spot in the Sonoran Desert for weddings and luxury events, featuring:
- A blend of rustic charm and modern elegance.
- Luxe, crisp fixtures and crystal chandeliers.
- Multiple spacious courtyards and a palatial ballroom.
The Elk Grove, California Venue and the Sacramento Region
The state-of-the-art venue in Elk Grove, California, just south of Sacramento, was a major casualty of the bankruptcy. Reports confirmed that The Falls Event Center in Elk Grove, along with others in Roseville and Fresno, was closed, leaving many brides-to-be in a difficult situation.
Today, the event needs of the Elk Grove area are met by new and established entities. While the original building may have changed hands or use, the demand for high-end event space has been filled by:
- The Center at District 56: A new, contemporary event space developed by the city.
- Evergreen Springs (by Wedgewood Events): A nearby competitor also featuring cascading waterfalls and a dramatic pergola, serving the modern wedding market.
The Other "Falls": Independent Event Venues Operating Today
It is crucial for anyone searching for a venue to understand that several highly-regarded, distinct event centers share the "Falls" name, but have no connection to the defunct Utah-based LLC or its legal troubles. These venues offer unique, modern spaces for a variety of functions, from intimate ceremonies to large corporate events. They represent the current, stable face of the "Falls" event venue name.
The Falls Event Center, Rhode Island (RI)
Located in West Warwick, Rhode Island, this venue is a reimagined mill space that capitalizes on its historic charm while offering modern amenities. It is a completely independent entity focused on providing a premier event experience.
- Unique Features: A stunning, natural waterfall provides a breathtaking backdrop for ceremonies and photos. It offers both indoor and outdoor spaces.
- Capacity: Can accommodate a wide range of functions, from small gatherings of 20 guests to large celebrations of over 450 people.
- Event Types: Popular for weddings, corporate retreats, fundraisers, and large celebrations.
The Falls Event Center, Manchester, New Hampshire (NH)
Situated in the heart of downtown Manchester, NH, this venue is a newly renovated, modern event space designed for corporate and social functions. It is conveniently located just off Interstate 293, making it easily accessible for guests across Southern New Hampshire.
- Space: Features over 7,000 square feet of newly renovated event space.
- Amenities: Offers easy access to major transportation and plenty of nearby amenities, making it ideal for business meetings and conferences.
The Falls Reception & Conference Center, Columbia, Illinois (IL)
Just a short 15-minute drive from Downtown St. Louis, Missouri, this venue in Columbia, Illinois, is a locally cherished banquet hall. It is known for its elegant, water-themed reception experience and is a popular choice in the St. Louis metropolitan area.
- Focus: Specializes in weddings, anniversary parties, corporate meetings, and festive celebrations.
- Accessibility: Its proximity to a major metropolitan area makes it a key regional conference center.
Conclusion: The Legacy of a Name
The story of The Falls Event Center is a complex one, defined by a corporate collapse that serves as a stark reminder of the risks in high-growth investment ventures. The original entity, The Falls Event Center, LLC, and its founder Steven L. Down are permanently linked to the SEC investigation and the subsequent Chapter 11 bankruptcy that forced the sale of its assets. The properties in California and Arizona were dispersed, with locations like Gilbert finding new life as Colby Falls by Wedgewood Weddings.
Today, the name "The Falls Event Center" is a testament to the enduring appeal of water-themed, modern venues. The successful and independent venues in Rhode Island, New Hampshire, and Illinois continue to operate, offering premier service and beautiful settings for their respective communities. For event planners and couples, the key takeaway is to conduct due diligence, ensuring their chosen venue is a stable, independent operation and not a remnant of the infamous corporate entity that collapsed years ago.
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