Covin is currently conducting due diligence and, assumingeverything checks out, should close on the property in November, bywhich time he expects to have landed some local money partners.From there, he plans to invest an additional $10 milliontransforming the property into a boutique property.

"We're going to go right into renovations and completely rebrandit," he says. "At $150 a night on the weekends, I think ahigh-design boutique hotel is going to be attractive compared to$600 at the Wynn or $300 at the Venetian."

Developed in the early 1980s, the Gold Spike is located at 400E. Ogden, one block off the Fremont Street Experience, apedestrian-only, canopy-covered entertainment corridor that is hometo several hotel-casinos, the Neonopolis retail and entertainmentcenter. Videos and laser light shows frequently illuminate thecanopy.