A casino in Downtown Las Vegas has been sold to the people behind online shoe and clothing retailer Zappos and the Downtown Project, an initiative to revitalize the area.
The Las Vegas Review-Journal reported Thursday that The Siegel Group Nevada Inc. announced it has sold the Gold Spike Hotel and Casino, which will close this Sunday.
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The property first opened in 1976. It’s unclear what Downtown Project intends to do with it. According to the Review-Journal, plans should be announced later this year. Gold Strike is located near the upcoming Zappos headquarters.
“We are in the gaming and real estate business,” Siegel Group told the Review-Journal. “We are looking to upgrade into larger casinos. We want to be on the Strip, and we’ll have to get rid of smaller properties to make that happen.”
Siegel Group acquired the Gold Spike in 2008 for $21 million, and the property underwent extensive remodeling in 2009. The sale price this time around was not disclosed.
Downtown Las Vegas is the area north of the Las Vegas Strip.
Zappos, founded in 1999, has become the top online shoe retailer in the world. Its CEO is Tony Hsieh, who is a prominent figure in the Las Vegas tech community these days.
Image via Wikipedia.
The south end of the Las Vegas Strip is home to an old, dumpy Motel 8, sitting across the street from Mandalay Bay and Luxor. By 2022, however, it’s possible that the dilapidated structure will be transformed into the area’s newest hotel-casino property.
Asher Gabay, an Israeli hotel mogul, bought the Motel 8 property last year and is planning to turn it into Astral, a 34-story, 620-room hotel and casino.
Gabay hopes to break ground on the project next spring and plans to complete it by the end of 2022. By his own estimation, the project will cost between $325 million and $350 million. Gabay bought Motel 8 last July for just $7.4 million. The entrepreneur has plenty of experience in the space, already owning and operating several properties in Eilat, a city in southern Israel.
The south end of Las Vegas Boulevard is empty compared to the center strip between MGM and Venetian. Once south of MGM, the east side of the street doesn’t have a single casino property and is instead lined with old or vacant commercial buildings. The Motel 8, for example, was built in the 1960s.
The north end of the Strip is on the verge of unveiling a pair of new hotel-casino properties in 2020 with the opening of Resorts World and The Drew just north of the Wynn and Encore.
The Lucky Dragon, an Asian-themed casino located near the north end of the Strip that opened in 2016, underwent foreclosure just two years later.
Astral would be the first new south Strip property since Mandalay Bay was built in 1998. Gabay’s plan for the addition could be coming at the perfect time with the NFL’s Oakland Raiders set to move to Las Vegas next season. Their future home, Las Vegas Stadium, is being constructed just east of Mandalay Bay and about a mile away from the site of the future property.
Old Las Vegas Casinos List
With the addition of T-Mobile Arena and the NHL’s Vegas Golden Knights, the area surrounding the arena has seen much heavier foot traffic and has undergone some major renovations, including the Monte Carlo Hotel and Casino being renovated and rebranded as The Park.
*Photo courtesy of Astral
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