The Siegel Group Nevada, Inc. Completes Acquisition of Las Vegas Hotel-Casino
LAS VEGAS (Business Wire EON) February 4, 2008 -- Located in the heart of the Downtown gaming district, The Gold Spike Hotel & Casino is surrounded by some of Downtown Las Vegas' premiere destinations and landmarks such as the famous Fremont Street Experience; a seven block open-air pedestrian mall visited by an average of 21 million people each year and the Fremont East Entertainment District which contains a variety of new nightclub and dining venues that have successfully attracted younger residents to the area. Additionally, the property is situated directly adjacent to the Lady Luck Casino which is being developed by the CIM Group who will soon be releasing their much anticipated renovation plans that will include a major restoration of the existing hotel-casino as well as the creation of a retail and entertainment corridor to attract pedestrian traffic.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group Nevada, Inc., states, "We are extremely excited about our acquisition of the Gold Spike Hotel & Casino and to have secured a property with additional parcels for expansion and an unrestricted gaming license. 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. We share in the vision of Mayor Oscar Goodman and staff who have done an incredible job promoting and redeveloping the area. 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 and helping to clean up the surrounding area and attract further investment."
About The Siegel Group Nevada, Inc.
The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company with offices in Las Vegas, Nevada and Studio City, California is a full-service real estate investment and development company founded by Stephen Siegel with expertise in acquisitions, financing & development, asset management, leasing and rehabilitation. The Company's Real Estate Division manages the firms' acquisition, disposition, and development of commercial real estate; a portfolio comprised of multi-residential units, commercial shopping centers, office buildings, and hotel developments. For more information on The Siegel Group and its affiliates, visit the Company's website at www.siegelcompanies.com.
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com or by phone at (310) 597-9221.
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