Gold Spike was once a small neighborhood casino and bar in downtown Las Vegas. It originally opened in 1976.
In 2013, Gold Spike was among numerous properties purchased by Downtown Project. Gold Spike reopened in 2014 as a bar and club without casino games.
Even though the slot machines, video poker, and table games were removed from the Las Vegas casino, the new owner held on to the non-restricted Nevada gaming license for Gold Spike. Now, the former casino, its gaming license, and the adjacent Oasis Hotel are on the market for potential buyers.
Gold Spike and Oasis property information for buyers
There’s no asking price on the Gold Spike real estate listing but there is some useful information for potential buyers.
The total assessment for the assets is $9,723,093. This includes the multiple land parcels with a total lot size of 1.52 acres. The average daily rate for hotel rooms in the seven-story hotel with 128 regular rooms is $159 per night. The two suites average $600 per night.
A new owner could bring gaming back to Gold Spike and bring new life to the property, say the Gold Spike-Oasis property information:
“The Gold Spike has been operating without gaming; however, Ownership has preserved its highly-coveted, non-restricted Nevada gaming license*, creating a significant value-add opportunity for a new operator to reintroduce casino operations and reposition the Properties.”
Gold Spike is located on 4th Street in downtown Las Vegas. It’s one block away from the Fremont Street Experience and between the Downtown Grand and El Cortez casinos.
Before its current iteration, Gold Spike was a small neighborhood casino with a handful of table games and a little more than 100 slot machines.
A new owner could keep the property as is or bring it back to its previous casino environment. Slot machines and table games would be a no-brainer for an operator looking to bring gaming back to Gold Spike.
One thing that won’t likely return with gaming is Gold Spike’s infamous “$5 Sexy Blackjack.”
If Gold Spike returns as a casino its size would be comparable to one of the smaller locations of Station Casinos’ numerous Wildfire brand properties around Las Vegas.
Transformation from Las Vegas casino to work and play venue
When Gold Spike was reopening as a non-gaming property, the assistant general manager at the time, Kristine Reynolds, told Las Vegas Weekly:
“The vision for when we purchased the Gold Spike was to have a co-working environment with multiple bars, a casual eatery, free Wi-Fi, DJs spinning nightly, traditional games like billiards in the ‘living room’ and oversized games like beer pong and Jenga in the breezy-cool backyard space, the Gold Spike doubles as a casual hang for the laptop set by day and a magnetic party spot at night.
The new Gold Spike flourished when it re-opened. It was even on MTV’s Real World for a season. The hotel still has the “Real World Suite” available for guests.
Downtown Project was owned by Tony Hsieh, who passed away in 2020. Gold Spike and other Downtown Project assets were put on the market earlier this year by the Tony Hsieh Estate, according to the Las Vegas Review-Journal.