On July 18, the Las Vegas City Council gave the green light for developer Derek Stevens to begin construction on his new casino-hotel on Fremont Street. This approval marks Stevens’ 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 new casino, at the western end of the Fremont Street Experience, according to KTNV. The new project is planned to be built on the land that was previously occupied by the Las Vegas Club, Mermaids, and the Glitter Gulch strip club.
The downtown area is witnessing its first construction project of this magnitude in years. The Review-Journal provides the following statistics on the new resort:
- 1,224,485 square feet
- 459 feet above Fremont Street
- 777 guest rooms
- 117,740 square-foot gaming area
- 1,187-space, above-ground parking garage
- Pedestrian bridge
- 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 most recent plans disclosed a gaming area spread over two levels of the casino, a swimming pool, and a 600,000 square foot space in the casino and garage intended for a nightclub. Additionally, this facility could serve as a venue for:
- A sportsbook
- Multiple dining options
- Spa
- Meeting rooms
- A ballroom
- A bar and lounge on the rooftop
Mayor Carolyn Goodman proposed that the upcoming project will breathe new life into Fremont Street, which is already set to experience a $33 million revamp of its LED canopy attraction. The project also offers a significant boost of job opportunity and growth potential for local job hunters.
The property, currently without a formal name, is temporarily referred to as 18 Fremont. Stevens bought the Las Vegas Club in 2015 and subsequently acquired the remaining businesses on the street, which is popular among tourists.
The opening of the new property is scheduled for 2020.
Stevens committed to Downtown Las Vegas expansion
If the pedestrian bridge leading to his other casino doesn’t hint at future plans, exploring the past may offer some guidance.
Back in August of 2017, Stevens managed to double the size of the Golden Gate in less than five days.
The new space included:
- 100 new slot machines
- A centerpiece TV tower that is 24 feet tall
- The One Bar at Fremont Street has 20 feet of bar space.
- Brand new velvet curtains for the entrance of the casino
The new space was also enhanced with upgraded fixtures, carpeting, and restrooms.
Over the course of eight months, Stevens meticulously planned the 106-hour renovation.
In 2011, the Stevens brothers purchased Fitzgeralds Las Vegas, a property located down the street from the Golden Gate. A year later, it was rebranded as the D Las Vegas, a renovation that cost $22 million.
The Stevens brothers demolished the courthouse on Carson and 3rd in 2014, to make way for a Downtown Las Vegas Events Center, with a subsequent investment of $10 million.
Stevens won’t back down
Stevens, known for his eccentricity, has a reputation for placing sizeable bets, both in his professional and personal life. His audacious approach to betting was evident when he placed a $25,000 wager on University of Michigan at 40:1 odds during March Madness. His penchant for sports betting especially comes to the fore during the NCAA basketball tournament, where he often seeks to make significant gains.
The Review-Journal reported that Stevens placed a bet of $330,000 on Villanova at the Four Queens’ William Hill-operated sportsbook, hedging his bet to win $100,000.
Stevens expressed regret for not placing a higher bet on Villanova, but affirmed that he is a gambler.
In business, I am a gamer, but in spirit, I am a gambler. And being a gambler means accepting the fact that sometimes, you lose.
Stevens naturally plans for the new casino to host a sports book, aiming for it to be one of the best downtown sportsbooks.
Whether these investments yield returns will be revealed with time.
