Gold Spike Downtown Las Vegas NV Casino Sold For A Cool $21 Million

Gold Spike Las VegasGold 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.

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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.

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