The Siegel Group, A Commercial Real Estate and Business Development Company
 

PRESS RELEASES

The Siegel Group Nevada, Inc.
March 04, 2009

Stephen Siegel Honored as Citizen of the Month by The City of Las Vegas

LAS VEGAS — Stephen Siegel, Chief Executive Officer of The Siegel Group Nevada, Inc., was today honored by the City of Las Vegas which recognized him as March 2009’s Citizen of the Month. Mayor Pro Tem Gary Reese and Mayor Oscar Goodman presented Mr. Siegel with the award in recognition of his many past and present redevelopment projects relating to his Las Vegas properties and his continued support of the City and its revitalization efforts. Mr. Siegel’s focus on improving properties and cleaning up the surrounding areas has resulted in safer neighborhoods and lead to the creation of numerous jobs which is a rarity considering today’s challenging economic environment.

Siegel entered the Las Vegas market in August 2004 with the acquisition of the 132 unit Vista Arms Apartments located on the corner of Sierra Vista and Swenson; considered at the time to have been one of the roughest areas of Las Vegas. While most other real estate developers at the time were focusing on profit driven condo-conversions, Siegel was doing the opposite and focused on creating and maintaining safe and affordable housing options for Las Vegas residents. Siegel’s first order of business was ripping out the existing pay-phones which were used frequently by local drug dealers and attracted criminal activity. He immediately began a major renovation of the property that included much needed repairs and improvements and worked closely with residents and the Las Vegas Metropolitan Police Department to improve the area. Since this time Siegel has continued to acquire “problem properties” throughout Las Vegas; investing millions of dollars in major renovations that have been instrumental in improving the quality of life for Las Vegas residents.

Most recently Siegel finalized his renovation of the former Casa Palms Apartments which the former owners had allowed to fall into disrepair. Siegel acquired the property in June of 2008 and recently completed a substantial renovation of each of the 137 units and the exterior of the property; creating curb appeal as well as a safer living environment for residents. Siegel is currently overseeing a $5 million renovation of The Gold Spike Hotel & Casino which he acquired in January 2008. The improvements to date which include a new gaming floor with table-games, slot-machines, live sports-book, restaurant, bar, and pizza kitchen has received rave reviews from a variety of publications including the Las Vegas Review Journal, Las Vegas Business Press, and Gaming Today.

About The Siegel Group Nevada, Inc.

The Siegel Group, a Commercial Real Estate Investment & Business Development Company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, valued added real estate and businesses with significant turn-around potential. The company´s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at www.siegelcompanies.com.

Contact

To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com
or by phone at (310) 597-9221.