Former Casino Gold Spike Sold in Downtown Las Vegas for $11.38 Million

^{Gold Spike in downtown Las Vegas still has a gaming license that could be used by the new real estate investor owners. (Photo: Gold Spike / X)} 

LAS VEGAS — The Gold Spike in downtown Las Vegas has new owners. The "nightlife bar venue" one block from the Fremont Street Experience still has a dormant gaming license, despite not offering options for gamblers for more than a decade.

According to Clark County property records and Nevada business-entity filings, Gold Spike was purchased by real estate investors Huan "Jeff" Mai and Qing Zhong for $11.38 million. The husband-and-wife duo are not casino operators and own real estate throughout Las Vegas, including a recent purchase of the Macy's on Spring Mountain. 

They also own a shopping plaza in Henderson that houses Barley's Casino & Brewing Co., which is owned and operated by Station Casinos, giving them at least some proximity to the gaming industry.

The property includes a bar and entertainment venue, a parking lot, and a 130-room hotel that was once featured on MTV's "The Real World."  The new owners of Gold Spike haven't announced plans for the property, but there are plenty of options for the real estate investors.

The Long, Strange History of Gold Spike

The hotel and casino first opened as Rendezvous in 1976, then became Gold Spike in 1985 when it was purchased by casino operator Jackie Gaughan. It changed hands numerous times before Zappos CEO Tony Hsieh purchased it from the Siegel Group for $27 million as part of his Downtown Project initiative, which helped revitalize parts of downtown Las Vegas. He removed the gaming tables and machines inside the 20,000 hotel-casino, but was smart enough to hold onto the gaming license.

Hsieh passed away in 2020 at 46 years old from a house fire in Connecticut. Since then, the property has been on the market for a couple of years. Richard Hsieh, Tony Hsieh's father, has been managing his son's estate for the last few years and signed off on the property's sale.

Hsieh's vision for Gold Spike did not include gambling. He saw it as being a hip venue to "help build a community" for younger folks visiting downtown. For that reason, he temporarily closed the property entirely for a refresh, removing the gaming tables and machines. Gold Spike's interior became a bar, restaurant, and nightclub. The fun at Golden Gate extends to an outdoor space called the "Backyard," which has large-scale games like Connect 4, chess, and beer pong.

Over the past 15 years, Gold Spike went from a seven-floor casino-hotel with “$5 Sexy Blackjack” to a hipster bar with plenty of games and excellent happy hour. The new owners can lease the property to a single operator or split it among multiple companies.

What’s Happening Across the Street at Downtown Grand?

Earlier this year, Downtown Grand, across the street from Gold Spike, was put on the market after defaulting on $90 million in loans. At the time, 150 investors were reviewing the property.

Downtown Grand is still operating under a receiver, and no sale has been announced. There's no timetable for when this casino-hotel will change hands.

Downtown Las Vegas real estate deals could take years to come to fruition. The Gold Spike sale, which took years from Hsieh's death to closing, is a useful reminder of that pace.