Gold Spike Downtown Las Vegas Hotel Bought For $15.6 Million By Covin

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Gold Spike downtown Las Vegas hotel purchased by Miami real estate developer Gregg Covin.  He visited downtown last week for inspection of the Gold Spike hotel currently owned by Tamares Las Vegas Properties. He plans to remodel the property to a boutique hotel with rates from $125 to $150 per night.

There are many skeptics who don’t think Covin can convert the downtown casino. He notes that this is not any where near the worst piece of real estate that he’s seen in his 20 years of running his real estate family’s business.

His short term idea is to keep the current management company to run the downtown property as is for a while.

His vision of the boutique hotel includes a lobby where customers happily spend time with friends and drinks. The architectural features will include a bar, casino and a large lobby. There will be a possible joint venture partnership for the casino portion of the operation.

Covin spent years researching Las Vegas real estate opportunities for this project. His initial plan was to build a similar 50 story building to Ten Museum Park in downtown Miami which he built.

The downtown Las Vegas casino has about 110 rooms, a five story building and a 5,800 square foot casino.

Jackie Gaughan from 1983 to 2004 owned and operated the Gold Spike when he sold it to Barrick and Tamares Gaming. The table games were removed at that time loosing most of its charm.

The Four Queens hotel owner Terry Caudill, agreed to purchase Binion’s hotel for $32 million. Gaughan’s company spent refurbishing the hotel rooms, exterior façade and casino of the El Cortez. The Lady Luck casino was purchased by CIM Group with plans to reopen attracting more guests to the Fremont Street Experience.

Will Covin have successs in the downtown Las Vegas real estate market? With the recent investments to the area we’ll see what happens. Source: LVRJ

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Gold Spike downtown Las Vegas hotel purchased for $15.6 million by Covin.

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