Gold Spike Sells In Downtown Las Vegas For $11.38 Million

A downtown Las Vegas property once tied to Tony Hsieh large redevelopment plan has changed hands at a steep discount as reported by the Las Vegas Review. Clark County records show the Gold Spike, Oasis hotel site, and a nearby parking lot sold for $11.38 million.

Good to know

• Huan “Jeff” Mai and Qing Zhong bought the Gold Spike package through the Tony Hsieh estate.
• Hsieh paid nearly $27 million for the property and related parcels in 2013.
• The sale includes the Gold Spike entertainment complex, the adjacent Oasis hotel property, and a parking lot operated by the City of Las Vegas.

Downtown Asset Sells Below 2013 Price

The latest Gold Spike sale closed June 10, according to Clark County property records. Local real estate investors Huan “Jeff” Mai and Qing Zhong bought the downtown Las Vegas property package for less than half of what Hsieh paid more than a decade ago.

Mai already has a Southern Nevada real estate portfolio that includes several shopping centers. He also recently acquired the former Macy’s building on Spring Mountain Road in Chinatown.

The Gold Spike sits only a few blocks from the Fremont Street Experience, giving the buyers a recognizable downtown site with hotel, nightlife, and event potential. Its new direction has not been announced.

The transaction also continues the slow reshaping of Hsieh property holdings. Hsieh, former CEO of Zappos, died Nov. 27, 2020, at age 46 from injuries suffered in a Connecticut house fire. He was unmarried and left behind a large collection of downtown Las Vegas real estate, including office buildings, apartments, retail properties, and entertainment sites.

From Casino To Nightlife Venue

Gold Spike opened in the 1970s and operated for years as a traditional casino. The Siegel Group bought the property in 2008, then spent money on renovations before selling it to Hsieh in 2013.

Michael Crandall, Chief Business Officer at The Siegel Group, said the company updated hotel rooms and hallways, redesigned the casino floor, added a new bar and restaurant, and improved the exterior. After the 2013 sale, casino operations ended and Hsieh turned the site into a social and entertainment venue.

Today, Gold Spike leans into games, events, and nightlife rather than gambling. Inside, visitors find pool tables, foosball, Skee-Ball, bars, lounges, and arcade style attractions. Outside, the venue “Backyard” area includes oversized games, art pieces, and gathering spaces.

The concept matched Hsieh wider Downtown Project, a $350 million redevelopment effort launched in 2012. The project invested in real estate, restaurants, bars, startups, and entertainment venues across downtown Las Vegas. Its most visible attraction remains Downtown Container Park on Fremont Street, known for the giant fire shooting praying mantis sculpture near the entrance.

Gold Spike became one of the more recognizable symbols of that era. The new sale now places the property in the hands of local investors at a very different price point from the one Hsieh paid during his downtown buying run.

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