It is a smaller version of the Krusty Krab playset, which itself is a playset of the Krusty Krab, and is kept in SpongeBob's house playset. It looks exactly the original playset, except for the size difference. Much like the original, one must open the roof of the playset in order to play with the action figures featured.
SpongeBob reenacts Mr. Krabs forcing him to take a vacation with both the regular Krusty Krab playset and the mini Krusty Krab playset, but instantly desists when Gary informs him of how delusional he's being.
The walls are the only part of the inside of this playset that are seen, unlike the original Krusty Krab playset, where the dining area and ordering area are seen when SpongeBob plays with it.
Because the inside of this playset is only partially seen, and that Gary interrupts SpongeBob just before he is about to reenact the scene where Mr. Krabs kicks him out, mini versions of toy Mr. Krabs and toy Patrick are not seen in it.
SpongeBob does not have mini toy Squidward in his workstation or make mini toy SpongeBob walk on restaurant's floor in this playset, whereas with the original version of it, he does. Instead, he plays with the toys near the playset's ceiling.