Gold Spike was among the leading bar and casino in downtown Las Vegas in the past. It launched in 1976 and Downtown Project (DTP) bought it in 2013. The property’s new owner reopened it in 2014 without casino games, running it as a club and bar.
Downtown Project removed table games, video poker and slot machines from Gold Spike. Yet, it retained its non-restricted Nevada casino license. DTP is selling the gaming property with its casino license and the neighboring Oasis Hotel.
DTP’s Property Sale
DTP hasn't posted a particular asking price on the former casino in real estate listing. However, it assesses the assets to be worth $9,723,093. They include several land parcels adding up to 1.52 acres.
The seven-story hotel has 128 regular rooms and it charges $159 for each room per night. Yet, its two suites cost $600 per night on average.
Gold Spike-Oasis posted on its website that the property’s buyer might return casino games. It stated that Gold Spike has operated for almost a decade without gaming. Nevertheless, its management holds the prestigious non-restricted casino license.
This offers an irresistible value-add chance for the new owner to repossess the properties and reintroduce gaming. Gold Spike is on downtown Las Vegas’ 4th Street.
It is between El Cortez and Downtown Grand casinos. Also, it is near the Fremont Street Experience. The property was a neighborhood gaming venue with around 100 slot machines and few table games.
Its new owner has several choices on how to run it. They can maintain its current operations or reintroduce casino games to lure more players. Table games and slot machines would be a perfect selection as they attract bettors in various age groups.
Even so, the renowned “$5 Sexy Blackjack” has a low probability of returning at Gold Spike. If the venue’s new owner opts to run it as a casino, it will resemble one of Station Casinos small gaming venues, Wildfire sites, in Vegas.
The Property’s Transformation
Kristine Reynolds,the then Assistant General Manager, informed Las Vegas Weekly when Gold Spike resumed operations as a non-gaming site that their objective when they bought it was to create a co-working environment constituting an eatery, DJ nights, free Wi-Fi and many bars. Its “living room” would have traditional games such as billiards while its stunning backyard space would have several oversized games including Jenga and beer pong. This makes the property attract clients during the day and revelers at night.
The newly reopened Gold Spike prospered as many clients visited it. MTV featured it in its Real World show for a season and guests still access its “Real World Suite.”
Tony Hsieh owned Dowtown Project before dying in 2020. The Tony Hsieh Estate announced the sale of Downtown Project’s assets like Gold Spike several months ago.
