Gold Spike attracting interest

2007-05-29 17:38:05

A downtown casino in Nevada is attracting significant interest from investors despite an unusually high asking price, it has been reported.

The Gold Spike venue, described by the Las Vegas Gaming Wire as "the epitome of a grind joint", has nonetheless attracted bids from groups seemingly ready to pay the asking price of $15 million.

The wire has reported that local industry figures are remaining cautious over the possibility of a potential resurgence in the area's fortunes, despite the Gold Spike reports.

"I know there is potential down there. I don't know how long it will be before that potential arrives," commented local club owner Peter Feinstein.

"It is a third-tier property that has an opportunity to transform itself. There is a lot of speculation. There is something like $4 billion in total redevelopment that are going into that downtown region alone," advised Applied Analysis analyst Jeremy Aguero.


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