The Gold Spike, located in the heart of downtown Las Vegas, has been sold for $11.38 million to local real estate investors Huan “Jeff” Mai and Qing Zhong, as per records from Clark County.
The transaction was finalized on June 10 through the estate of the late Tony Hsieh, former CEO of Zappos, who had acquired the property along with adjacent parcels for nearly $27 million back in 2013, according to the Las Vegas Review-Journal. This recent sale price is significantly lower than what Hsieh originally paid over ten years ago.
The acquisition encompasses the Gold Spike entertainment complex, the adjoining Oasis hotel, and a nearby parking facility managed by the City of Las Vegas.
Huan Mai's investment portfolio features several shopping centers in Southern Nevada, including the recently purchased Macy’s building located on Spring Mountain Road in Chinatown.
Originally constructed in the 1970s, the Gold Spike is situated just a few blocks from the Fremont Street Experience. Once a conventional casino, the property underwent a transformation under Hsieh’s leadership, evolving into a vibrant nightlife and entertainment hub that offers live music, special events, bars, lounges, and arcade-style games.
The venue boasts an indoor area filled with pool tables, foosball, Skee-Ball, and various recreational activities, while its outdoor “Backyard” is famous for its unique oversized games, artistic installations, and communal spaces.
This property exemplifies the innovative vision behind Hsieh’s Downtown Project, a bold initiative aimed at revitalizing downtown Las Vegas through investments in real estate, startups, dining, and entertainment.
Prior to Hsieh’s ownership, the Gold Spike was acquired in 2008 by The Siegel Group, a Las Vegas real estate firm recognized for its Siegel Suites apartment portfolio.
Michael Crandall, Chief Business Officer at The Siegel Group, stated that the company undertook extensive renovations on the property, modernizing hotel rooms and hallways, redesigning the casino floor, adding a new bar and restaurant, and enhancing the exterior.
The property was sold to Hsieh in 2013. Crandall confirmed that casino operations ceased after the sale, and Hsieh later reimagined the venue as a destination focused on entertainment.
Hsieh, who passed away on November 27, 2020, at the age of 46 due to injuries from a house fire in Connecticut, was unmarried at the time of his death. He left behind a substantial portfolio of properties in downtown Las Vegas, including office buildings, apartment complexes, and retail spaces.
Through the Downtown Project, a $350 million redevelopment initiative launched in 2012, Hsieh emerged as one of the largest property owners in downtown and played a crucial role in revitalizing the area. This venture, now known as DTP Companies, invested in restaurants, bars, tech startups, and real estate projects throughout downtown.
One of his most notable projects is the Downtown Container Park on Fremont Street, where a massive fire-shooting praying mantis sculpture welcomes visitors.