On July 18, the Las Vegas City Council gave the green light for the construction of a new Fremont Street casino-hotel by developer Derek Stevens. This approval marks his third casino in Las Vegas.
“Stevens told the Las Vegas Review-Journal, “The time is right.”
Stevens is the current owner of the Golden Gate Hotel-Casino and The D. The Golden Gate Hotel-Casino is set to be located opposite the forthcoming casino, at the westernmost point of the Fremont Street Experience, according to KTNV. The projected development will be built on land previously used by the Las Vegas Club, Mermaids, and the Glitter Gulch strip club.
The downtown area is witnessing its first unique construction project in years. The Review-Journal provides some statistics on the new resort:
- 1.224485 million square feet
- 459 feet above Fremont Street
- Rooms for 777 guests
- Gaming area of 117,740 square feet
- Above-ground parking garage with 1,187 spaces
- Footbridge
- Located on Ogden Avenue, Fremont, and Main Streets.
- The revival of the iconic Vegas Vickie figure, also known as Sassy Sally.
The new look
The latest plans revealed that the casino will have a gaming area spread across two levels, a pool, and 600,000 square feet of space in the casino and garage to be used as a nightclub. In addition, this facility has the capacity to host:
- A betting agency
- Several dining choices
- Spa
- Conference rooms
- A dance hall
- A bar and lounge on the rooftop
Mayor Carolyn Goodman proposed that the new project will revitalize Fremont Street, which is set to undergo a $33 million revamp of its LED canopy attraction. Additionally, the project offers a critical surge of employment opportunities and growth potential for local job hunters.
The property, currently referred to as 18 Fremont, is yet to be named officially. Stevens bought the Las Vegas Club in 2015, followed by the acquisition of other businesses located on the tourist-populated street.
The opening of the new property is scheduled for 2020.
Stevens committed to Downtown Las Vegas expansion
A glimpse into the past may provide some guidance if the pedestrian bridge to his other casino doesn’t hint at what’s to come.
Back in August 2017, Stevens managed to double the size of the Golden Gate in less than five days.
The included features of the new space were:
- 100 brand new slot machines
- A centerpiece TV tower that is 24 feet tall
- The One Bar on Fremont Street has 20 feet of bar space.
- Brand new velvet curtains for the casino entrance
The upgraded fixtures, carpeting, and restrooms also enhanced the new space.
Over the course of eight months, Stevens meticulously planned the 106-hour renovation.
In 2011, the Stevens brothers acquired Fitzgeralds Las Vegas, which was rebranded as the D Las Vegas a year later. This establishment is located near the Golden Gate. The refurbishment and rebranding process amounted to $22 million.
The Stevens brothers demolished the courthouse on Carson and 3rd in 2014 to establish a Downtown Las Vegas Events Center, a project that cost $10 million.
Stevens won’t back down
Stevens, known for his eccentricity, is a notorious high-stakes bettor in his professional and personal life. Demonstrating his fearlessness in betting, he wagered a 40:1 bet on the University of Michigan for March Madness, staking $25,000. An avid sports bettor, Stevens typically aims to win big during the NCAA basketball tournament.
The Review-Journal reported that Stevens placed a $330,000 bet on Villanova to win $100,000 at the Four Queens’ William Hill-operated sportsbook, thereby hedging his bet.
Stevens expressed regret for not placing a larger bet on Villanova, but admitted he’s a gambler.
In business, I am a gamer, yet my spirit is that of a gambler, and as a gambler, losses are sometimes inevitable.
Of course, the new casino will feature a sports book, and Stevens aims to make it one of the best downtown sportsbooks.
Whether these investments yield returns will be revealed with time.
