Gold spike las vegas apartments7/24/2023 So far they’ve developed 2,500 units in 13 Siegel Suites properties in Nevada, 11 in Las Vegas and one each in Reno and Mesquite.Īt the Gold Spike Siegel and Tippins will face a bedraggled property that enjoyed its best days in the past.Īfter Tamares took over the joint once owned by renowned Las Vegas operator Jackie Gaughan, the Spike devolved from a place for cheap fun downtown to a dark and depressing dive. "We take pride in not only cleaning up the building but also cleaning up the neighborhood." "Our main tenant would be the construction worker who comes to town, a lot of the casino workers," said Michael Crandall, the Siegel Group’s business affairs director. He’s made money in recent years buying dilapidated Las Vegas extended-stay apartments, renovating the properties and making them more attractive for law-abiding, but rootless, tenants. Siegel is founder of the California-based Siegel Group. The casino is the first gambling business for Siegel and Tippins. "We had to do what we had to do to buy it."Īs for Covin, "he made out great," Siegel added. "Somehow he moved in and got it from us," Siegel said of Covin. The idea of paying Covin $5.4 million more than the property sold for just six months earlier didn’t seem to bother him or Tippins.Įach said they already had an eye on the Spike last summer, when Covin swooped in and bought it from Tamares Las Vegas Properties, owners of the Plaza, Las Vegas Club and Western casinos downtown. On a recent tour of the properties Siegel practically beamed when talking about the possibilities. ![]() They also plan to reopen the Travel Inn and connect it to the Gold Spike to provide more rooms and amenities, if Nevada gambling regulators sign off on connecting a casino to a property that doesn’t now have gambling. Siegel and Tippins plan to keep the Gold Spike open while they renovate the rooms and, sometime this summer, upgrade the casino floor. "I really wanted to develop the Gold Spike, but to do it right you really need to have the Travel Inn next door," he said. Instead, he wound up selling the Spike to Stephen Siegel and John Tippins of Las Vegas, businessmen who in August spent $5 million to buy the adjacent and shuttered Travel Inn.Ĭovin said he considered a joint venture with the men but they had a different vision for the site at Las Vegas Boulevard and Ogden Avenue. The idea of the Gold Spike - a place now known for selling tequila shots and cans of Mexican beer for $1 - emerging as a boutique property with rooms fetching $125 or more per night was ridiculed on Las Vegas-themed Web sites.īut Covin, 38, insists upscale can flourish in downtown Las Vegas, much the same way he converted dilapidated Miami Beach properties into fancy, cash-producing hotels. ![]() Just six months after buying the smoke-choked Gold Spike casino downtown for $15.6 million, Miami developer Gregg Covin sold the property to new investors for $21 million.Ĭovin had plans to convert the property into an upscale hotel with a casino, better restaurants and a hipper image. ![]() A south Florida developer’s bet on a downtrodden Las Vegas casino paid off in spades, but not in the form of a trendy, boutique hotel.
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