A Miami developer with a history of turning aging properties into boutique hotels agreed to buy the aging Gold Spike casino in Downtown Las Vegas for $15.6 million.

Gregg Covin said he might close the Gold Spike as early as September, with plans to develop the property into one with rooms fetching $125 to $150 per night.

“We are looking to reposition and rebrand it as a chic, boutique hotel,” Covin said. “That is what we do.”

Should Covin be successful in transforming a grind joint into a high-end property, it could be the start of the Downtown revolution city officiails have been longing for for some time.

“I think if they achieve a level of success, you will see some other properties move in that direction,” said John Knott, executive vice president for CB Richard Ellis Global Gaming Group.

Covin said he plans to retain Navegante Group as the property’s managers. He also plans to keep the Gold Spike open during renovations.

“I’ll probably keep it partially open for awhile,” said Covin. “It will stay as is until I am ready for the grand reopening,” he said.

Covin has a track record of reviving struggling markets in Miami with projects like Ten Museum Park and the Angler’s Boutique Resort.

By Greg Jones

Greg Jones is managing editor of Casino Connection Nevada, as well as associate editor of Global Gaming Business magazine.

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