It is connected with the Oasis at the Gold Spike, a 50-room three floor hotel located in downtown Las Vegas.

It was owned by entrepreneur Tony Hsieh and his Downtown Project, having bought it from The Siegel Group; and the casino was operated by Golden Gaming.

[5] On December 6, 2002, Jackie Gaughan agreed to sell the Gold Spike and three other casinos to Barrick Gaming.

As one author wrote, the Gold Spike now has "Quartz walls, tile floors, wood accents, and new everything", making it "a very modern boutique hotel in the heart of downtown".

[13] Siegel then announced that it had sold the Gold Spike to the Downtown Project, and that the casino would close on April 14.

[2] Siegel retained rights to the Gold Spike name,[14] and said that the company needed to dispose of smaller properties on its way to owning larger casinos on the Strip.

[2] Hsieh was reported to be considering several ideas for the property, including a boutique hotel, specialty retail space, or a club, but ruled out a casino, saying that he was "trying to help build a community".