According to Kolo News 8, the Kings Inn is now in escrow! After years, over a decade actually, of being downtown's worst eyesore, the Kings inn is now in the best position it has ever been in to be renovated and remodeled. Escrow should close sometime this summer, and development plans are pending, but it could end up being residential or reopen as a hotel/casino, given the buyer owns hotel casino properties in Southern Nevada.
Folks, While this is certainly potentially great news, don't break out the bubbly until it closes. We looked at it, and it's a mess...
Assuming the structure is sound (which it might not be considering the number of years the building's interior has been exposed to the elements), the new owners could always gut the building ala The Montage and give themselves a practically blank slate to work with. Again, this is assuming that the building itself is structurally sound. Otherwise, they may just have to demolish it and start all over.
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Never thought I would see the day - can only be good news.