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Downtown Project Buys Old Las Vegas Casino

Property Sold To Entity Tied To Online Shoe Retailer Zappos

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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.

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.