Siegel Buys Gold Spike, Now Owns Half of Block

LAS VEGAS-The Siegel Group Nevada Inc. has acquired the seven-story, 112-room Gold Spike Hotel and Casino here for $21 million. Combined with the adjacent 58-room Travel Inn it acquired in August for $5 million, the non-restricted gaming site gives the company 1.5 acres located one-half block off the Fremont Street Experience, the pedestrian-only, canopy-covered Downtown entertainment corridor that attracts some 20 million people annually. The properties also sit adjacent to a new downtown condominium tower, the soon-to-be-renovated Lady Luck Casino and Fremont East, the city’s burgeoning nightclub district.

The Siegel Group president Stephen Siegel tells GlobeSt.com that he is master planning the chunk of Downtown as a single hotel-casino. Short term plans include a complete renovation of the hotel-casino and the adjacent Travel Inn into a single resort. Siegel says he has $3.5 million in financing lined up for the first phase of the renovation. Longer term plans include additional structures that will expand the gaming, hospitality and retail components. The other half of the block is a parking garage owned by the City of Las Vegas.

“We are young guys that are very hands-on with tremendous energy and new ideas and we are 100% committed to transforming the Gold Spike into one of the hottest hotel-casinos in Downtown Vegas,” says Siegel, 37. “While our immediate focus is to operate the property while making much needed capital improvements, we are also focused on taking a lead role in the revitalization efforts that are occurring, helping to clean up the surrounding area and attract further investment.”