Zona de Azar USA – The Potential Revival of Gaming at Gold Spike in Downtown Las Vegas

USA.- December 19th 2023 www.zonadeazar.com Gold Spike, once a modest neighborhood casino and bar in downtown Las Vegas that originally opened in 1976, underwent a transformation in 2014 when it was acquired by Downtown Project. The property reopened as a bar and club, devoid of casino games. However, the current owner retained the non-restricted Nevada gaming license for Gold Spike, and now, both the former casino and its gaming license, along with the adjacent Oasis Hotel, are available for prospective buyers.

Gold Spike and Oasis Property Information for Potential Buyers:

While no specific asking price is listed for the Gold Spike real estate, the property information provides valuable details for potential buyers. The total assessment for the assets stands at $9,723,093, encompassing multiple land parcels with a combined lot size of 1.52 acres. The seven-story hotel, offering 128 regular rooms, commands an average daily rate of $159 per night, while the two suites average $600 per night.

The property listing suggests a significant value-add opportunity for a new operator to reintroduce casino operations to Gold Spike, emphasizing that the venue has been operating without gaming while preserving its non-restricted Nevada gaming license.

Gold Spike’s Location and Potential:

Situated on 4th Street in downtown Las Vegas, Gold Spike is strategically positioned, one block away from the Fremont Street Experience and nestled between the Downtown Grand and El Cortez casinos. In its original form, before the conversion, Gold Spike was a compact neighborhood casino with a limited number of table games and just over 100 slot machines.

A prospective new owner has the flexibility to maintain the property as it is or restore it to its former casino environment. Slot machines and table games could easily be incorporated, aligning with the property’s gaming history.

Transformation from Casino to Versatile Venue:

When Gold Spike transitioned into a non-gaming property, the vision, as shared by Kristine Reynolds, the assistant general manager at the time, was to create a co-working environment with multiple bars, a casual eatery, free Wi-Fi, nightly DJs, and both traditional and oversized games in the backyard space. The property successfully evolved into a dual-purpose venue—a casual hangout for the daytime laptop crowd and a vibrant party spot at night.

While Gold Spike’s past includes a stint on MTV’s Real World for a season, the property and other assets from Downtown Project, previously owned by Tony Hsieh, were put on the market earlier this year by the Tony Hsieh Estate following his passing in 2020, as reported by the Las Vegas Review-Journal.

Edited by: @MaiaDigital www.zonadeazar.com