Gold Spike downtown Las Vegas NV casino sold for a cool $21 million just six months after Gregg Covin purchased the real estate. Covin made over $5 million in this commercial real estate transaction in recent Las Vegas casino news.
This real estate developer from Miami, Florida had visions of a hip and cool boutique hotel with upgraded restaurants for this downtown fixture.
John Tippins and Stephen Siegel purchased the Gold Spike hotel and casino. Seven months ago they also acquired the nearby Travel Inn for $5 million.
The new owners of the downtown Las Vegas casino intend to upgrade the casino and rooms this summer.
If approved by the Nevada gambling regulators, they will connect the Gold Spike with the Travel Inn to form one entity.
Covin purchased this property last year, just before Siegel and Tippings could, from the owners of the Las Vegas Club, the Plaza and downtown Western Las Vegas casinos.
Jackie Gaughan once owned the Spike that was known for cheap fun.
The plan for the developers is to introduce table games once again to the property. Navegante Group currently is the casino management company for another five months.
The downtown hotel and casino will stay open for business as upgrades will be done to each room. The renovation will start immediately. Plans are still being decided on the connection of the two properties.
Gold Spike Downtown Las Vegas NV casino sold for a cool $21 million.