The Siegel Group, which last year broke into the Las Vegas casino market with the purchase of downtown’s Gold Spike, yesterday announced it had purchased the Barcelona Hotel & Casino in North Las Vegas.
The purchase price was approximately 60 percent of the current appraised value of $21 million. The property, which has a non-restricted gaming license and contains approximately 260 slots machines, table games, live sports-book and entertainment, restaurant, bar and 179 rooms, is comprised of three parcels situated on approximately 10.1 acres.
In addition to the hotel-casino, the sale included a convenience store with a Shell gas station currently leased by Green Valley Grocery as well as 5.15 acres of multi-family vacant land. SASCO Properties, a Division of The Siegel Group Nevada, Inc., will immediately assume operational control of the property with the exception of gaming which will be managed by United Coin Machine Company while CEO Stephen Siegel goes through the licensing process.
The property will be completely re-branded as a Siegel Slots & Suites; a new concept and business model created by Stephen Siegel to identify and brand his hotel-casino properties that provide accommodations on a daily and weekly basis unlike his Siegel Suites locations which do not offer gaming or daily rates and provide traditional apartment residences on weekly and monthly terms.
Located off the I-15 at Craig Road and just blocks from Nellis Air Force Base, The Barcelona Hotel & Casino is situated around expanding rooftops and retail developments with a variety of business and industrial centers and is nearby the Las Vegas Motor Speedway. What makes the Barcelona both unique and valuable is the absence of any direct competitors within a four-mile radius of the property which will enable the Siegel Group to capitalize on an underserved area and growing local’s population; the company’s target demographic.
"This has been an exciting year for our company with the Barcelona Hotel & Casino marking our sixth acquisition during 2008," said Stephen Siegel, president and chief executive officer of The Siegel Group Nevada, Inc. "This property like most of our acquisitions has tremendous upside-potential and we are fortunate to once again have acquired such a value-added property at a substantial discount in an area with minimal competition. I love and believe in Las Vegas for the long-term and my business models have always primarily catered to local Las Vegans who I believe are such an integral part of this great city. As with everything I do, I want to ensure our customers are provided ‘value’ and a ‘Siegel’ quality experience with superior customer service."
During the last year in a tough economic environment, The Siegel Group, in addition to the Barcelona Hotel & Casino, purchased the Gold Spike Hotel & Casino, the Mt. Charleston Hotel, the Mark Twain and Casa Palms Apartments as well as Deer Creek; a 330 unit property which was acquired out of bankruptcy.