Wikipedia

Derek Stevens

Not to be confused with the 1980s marathon runner from the United Kingdom or the Saturday Night Live character.

Derek Stevens (born September 17, 1967) is an American businessman who owns several hotel-casinos in downtown Las Vegas. Stevens, along with his brother Greg, purchased the Golden Gate Hotel and Casino in 2008, followed in 2011 by Fitzgeralds, which they renamed as The D Las Vegas. He also owned the Las Vegas 51s baseball team from 2008 to 2013, and built the Downtown Las Vegas Events Center in 2014.

Derek Stevens
Born (1967-09-17) September 17, 1967 (age 57)
Detroit, Michigan, U.S.
EducationUniversity of Michigan (1990)
Wayne State University (1994)
OccupationBusinessman
SpouseNicole Parthum
Children3
RelativesGreg Stevens (brother)

Stevens and his brother purchased the Las Vegas Club in 2015, and the Mermaids Casino a year later, demolishing both to build the Circa Resort & Casino. Stevens also launched Circa Sports, a chain of sportsbooks. Since the 1990s, he has also served as the CEO of Cold Heading Company, a manufacturer of auto parts that is based in his home state of Michigan.

Early life and education

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Stevens was born on September 17, 1967, in Detroit, Michigan.[1] His father John Stevens was an architect,[2] and his mother, Betty,[3] was a high school teacher who had studied math and physics.[1] His grandfather, Rene DeSeranno,[4] started Cold Heading Company, an auto-parts manufacturer, in Warren, Michigan in 1952.[5][6] He has a younger brother, Greg Stevens. The family lived in Grosse Pointe, Michigan, and Stevens attended Grosse Pointe South High School, where he played baseball and some football.[7][3]

In 1990, Stevens graduated from University of Michigan, located in the city of Ann Arbor.[5][8] Four years later, he earned a Master of Business Administration degree in finance, from Wayne State University in Detroit.[1][9] He initially studied to be an engineer, but decided he wanted to be in business instead, after spending time in Ann Arbor.[8]

Career

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Stevens' first job was working for three years as a valet along the Detroit River.[3] He visited Las Vegas for the first time in the late 1980s, and became enamored with its various attractions. He made frequent visits from then on, often to attend sporting events,[2][1][10] as well as conventions.[8] Stevens took over Cold Heading Company in 1993 or 1994, after the CEO stepped down. Stevens initially took the job on a temporary basis, but would remain in the position for decades.[9][4][2] Cold Heading manufactures nuts and bolts for auto companies.[7] The company added a second plant, in Indiana, in 1998, and later expanded operations to Ohio.[11][12] It also purchased a manufacturer of fasteners in 1999.[6]

During the 1990s, Stevens began investing in gaming companies, buying stock in International Game Technology and the Rio hotel-casino, both in Las Vegas. In the 2000s, Stevens became a stockholder in Riviera Holdings, which owned the Riviera resort on the Las Vegas Strip.[2][1][13] Stevens, through his company Desert Rock Enterprises, owned more than 1 million shares in the Strip resort.[14][15][16] He invested in Las Vegas because Nevada has no state income tax.[7][17]

Stevens, a sports fan,[18] purchased the Las Vegas 51s baseball team in 2008.[2][19][20][21] He owned it through Stevens Baseball Group, of which he was the chief executive.[4][22] He sold the team four years later to a group that included Howard Hughes Corporation.[2][23]

Although downtown Las Vegas is overshadowed by the Las Vegas Strip, Stevens believed that downtown hotel-casinos presented less expensive opportunities for a hotel revival of the area. In addition, Stevens did not have adequate financing to fully enter the Las Vegas Strip market.[7][3] Stevens' brother Greg is an engineer who maintains a low-profile, in contrast to Derek's personality. The two have partnered on several projects,[2][1] which helped revitalize the Fremont Street area of downtown Las Vegas.[24] Derek Stevens serves as the public face for their projects.[3] In 2008, they became co-owners in the Golden Gate Hotel and Casino in downtown Las Vegas.[24][25][26] It took Stevens 18 months to receive a gaming license, and the Great Recession occurred as the brothers entered the gaming industry, although this would provide further opportunities for them because of reduced land values.[18][17] The Riviera filed for bankruptcy in 2010, and Stevens became one of its owners upon reorganization of the resort.[2][9][13] He later sold his interest to the Las Vegas Convention and Visitors Authority.[27]

In 2011, the Stevens brothers purchased the Fitzgeralds hotel-casino in downtown Las Vegas and rebranded it a year later as The D Las Vegas,[24][28][29] a reference to Derek's nickname "D".[3][30] In 2013, he purchased the former Clark County Courthouse nearby,[31][32] and demolished it to build the Downtown Las Vegas Events Center, which opened a year later.[33][34][35] In 2014, Stevens became the first Las Vegas hotel-casino owner to accept bitcoin, although the currency is only used for non-gaming purchases.[36][37]

In 2015, the Stevens brothers purchased the Las Vegas Club in downtown and eventually announced plans to build a new resort in its place. In 2016, they purchased the adjacent Mermaids Casino and Glitter Gulch strip club,[38] both of which were demolished along with the Las Vegas Club. The Stevens had the Circa Resort & Casino built on the property, opening it in late 2020.[1][39][40] Circa was the biggest project of Stevens' career.[17] It was the first new hotel-casino to be built in the downtown area since The D, which originally opened in 1980.[2] Stevens also launched Circa Sports, a chain of local sportsbooks,[41][42] which expanded to Colorado in 2020.[2]

Like casino operators in decades prior, Stevens is known for walking the casino floors at his properties and interacting with customers, a rarity compared to his corporate-owned rivals.[1][2][24][27] He is also known for placing high bets on sports games, and for his marketing promotions.[1][2][3][43][44][45] In 2020, he gave away 1,700 free airplane tickets to Las Vegas to help the city's economy amid the COVID-19 pandemic.[46]

As of 2020, Stevens remains as CEO of Cold Heading Company, in addition to overseeing his casinos.[2] He has no interest in entering the Detroit casino market, stating that the customer demographic is too different compared to Las Vegas.[7] Michigan's income tax is another factor for not competing there.[3]

Personal life

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Stevens is married to Nicole Parthum,[47] who he met during first grade. In the 2010s, the couple lived in Birmingham, Michigan, but made frequent visits to Las Vegas.[28][48][49]

Stevens has made frequent financial contributions to both Democratic and Republican candidates. He contributed $5,000 to Democrat Steve Sisolak and $10,000 to Republican Adam Laxalt during their 2018 bids for Nevada governor. Two years later, Stevens contributed an additional $10,000 to Governor Sisolak.[50] In 2021, Stevens was seen as a potential Republican contender to face off against Sisolak in the 2022 Nevada gubernatorial election.[51][52]

References

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  1. ^ a b c d e f g h i Segall, Eli (October 29, 2020). "Meet the showman behind Las Vegas' big new bet: Circa". Las Vegas Review-Journal. Retrieved May 14, 2021.
  2. ^ a b c d e f g h i j k l m Stutz, Howard (October 25, 2020). "A gambler at heart: Derek Stevens opening first all-new resort in four decades in downtown Las Vegas". The Nevada Independent. Retrieved May 14, 2021.
  3. ^ a b c d e f g h Paul, Tony (October 27, 2020). "Detroit-area brothers spice up Downtown Las Vegas with third casino, luxurious Circa". Detroit News. Retrieved May 14, 2021.
  4. ^ a b c Welch, Sherri (March 18, 2012). "'D' gets nod from Vegas casino owners with local ties – Stevens brothers operate Warren fastener makers". Crain's Detroit Business. Retrieved May 14, 2021.
  5. ^ a b "Fremont Street Casino Icon Derek Stevens Unveils Details on New Sports Betting Venture, Circa Sports". Associated Press. May 30, 2019. Retrieved May 14, 2021.
  6. ^ a b McCracken, Jeffrey (November 8, 1999). "Supplier Hopes Buy Will Keep It Competitive". Crain's Detroit Business. Retrieved May 17, 2021.
  7. ^ a b c d e Friess, Steve (March 31, 2021). "Derek Stevens Is Sin City's Most Interesting Rising Mogul". Hour Detroit. Retrieved May 14, 2021.
  8. ^ a b c "Winning". Michigan Today. March 6, 2019. Retrieved May 14, 2021.
  9. ^ a b c Scavone, Jason (November 28, 2016). "D Man". Nevada Public Radio. Retrieved May 14, 2021.
  10. ^ "All The Vegas Podcast: Downtown casino chief Derek Stevens". Las Vegas Weekly. June 24, 2019. Retrieved May 14, 2021.
  11. ^ "Cold Heading Building Plant in Fremont". The News-Sentinel. March 9, 1998. Retrieved May 14, 2021.
  12. ^ Green, Lisa (May 18, 2016). "Fremont company expanding, adding 30 jobs". The Journal Gazette. Retrieved May 14, 2021.
  13. ^ a b Sieroty, Chris (September 30, 2011). "Riviera Holdings sells Colorado casino for $76 million". Las Vegas Review-Journal. Retrieved May 14, 2021.
  14. ^ Stutz, Howard (March 27, 2007). "Investment group launches second run at Riviera parent". Las Vegas Review-Journal. Archived from the original on October 13, 2007.
  15. ^ Stutz, Howard (November 14, 2006). "New bid for Riviera parent". Las Vegas Review-Journal. Archived from the original on July 6, 2008.
  16. ^ Knightly, Arnold M. (July 10, 2009). "Las Vegas investor seeks approval of Riviera ownership stake". Las Vegas Review-Journal. Retrieved May 14, 2021.
  17. ^ a b c Komenda, Ed (October 9, 2019). "Las Vegas casino mogul Derek Stevens talks pro sports, changing downtown". Reno Gazette Journal. Retrieved May 14, 2021.
  18. ^ a b Gros, Roger (October 27, 2020). "Derek Stevens". Global Gaming Business Magazine. Retrieved May 14, 2021.
  19. ^ Dewey, Todd (October 31, 2007). "Purchase of 51s pending". Las Vegas Review-Journal. Retrieved May 14, 2021.
  20. ^ Hawk, Joe (April 4, 2008). "New CEO exhales enthusiasm, optimism". Las Vegas Review-Journal. Retrieved May 14, 2021.
  21. ^ Kantowski, Ron (April 5, 2012). "51s will get sold — eventually". Las Vegas Review-Journal. Retrieved May 14, 2021.
  22. ^ Hilderbrand, Brian (March 29, 2008). "The Las Vegas 51s owner and his lifelong love for baseball". Las Vegas Sun. Retrieved May 17, 2021.
  23. ^ Snel, Alan (May 13, 2013). "Investors pay $20 million to buy Las Vegas 51s". Las Vegas Review-Journal. Retrieved May 14, 2021.
  24. ^ a b c d Stutz, Howard (May 20, 2013). "Derek Stevens integral to downtown revival". Las Vegas Review-Journal. Archived from the original on June 30, 2016.
  25. ^ "Commission approves sale of 50 percent stake in Golden Gate". Las Vegas Review-Journal. March 21, 2008. Retrieved May 14, 2021.
  26. ^ Radke, Brock (January 17, 2019). "Derek Stevens hits all the right notes with his vision of Circa". Las Vegas Weekly. Retrieved May 14, 2021.
  27. ^ a b Anderson, Ric (December 18, 2017). "Downtown's D-finitive personality: Derek Stevens moving full speed ahead". VegasInc. Retrieved May 14, 2021.
  28. ^ a b "The D in the desert". Detroit Free Press. August 12, 2012. Retrieved May 14, 2021.
  29. ^ Sylvester, Ron (October 10, 2012). "Derek Stevens tries to bring a bit of Detroit downtown with the D". VegasInc. Retrieved May 14, 2021.
  30. ^ McGarry, Caitlin (March 13, 2012). "Gimme a D: Fitzgeralds taps new name for rebranding". Las Vegas Review-Journal. Retrieved May 14, 2021.
  31. ^ Botkin, Ben (October 1, 2013). "CEO of D Las Vegas buys old courthouse". Las Vegas Review-Journal. Retrieved May 14, 2021.
  32. ^ Shine, Conor (October 1, 2013). "Downtown casino owner pays $10 million for abandoned courthouse". Las Vegas Sun. Retrieved May 17, 2021.
  33. ^ Snel, Alan (September 2, 2015). "Downtown events center shows its versatility". Las Vegas Review-Journal. Retrieved May 17, 2021.
  34. ^ Bracelin, Jason (August 14, 2018). "How Las Vegas casino owner made downtown music venue a success". Las Vegas Review-Journal. Retrieved May 17, 2021.
  35. ^ Katsilometes, John (August 16, 2019). "Derek Stevens, Downtown Las Vegas Events Center still breaking ground". Las Vegas Review-Journal. Retrieved May 17, 2021.
  36. ^ Metz, Cade (January 23, 2014). "Bitcoin Has Arrived in Vegas, But It's Still Far From Mainstream". Wired. Retrieved May 14, 2021.
  37. ^ Velotta, Richard N. (February 23, 2014). "Bitcoin debate: Is online currency worth its weightlessness in gold?". Las Vegas Sun. Retrieved May 14, 2021.
  38. ^ Morris, J. D. (June 27, 2016). "Downtown Las Vegas transformation marches on as 3 throwback spots shut doors". VegasInc. Retrieved May 17, 2021.
  39. ^ Radke, Brock (March 5, 2021). "Derek Stevens' Big Plans Have Paid Off in Las Vegas". Las Vegas Magazine. Retrieved May 14, 2021.
  40. ^ McKee, David (September 3, 2020). "Just One of Those Things". Casino Life. pp. 8–16. Retrieved May 14, 2021.
  41. ^ Horwath, Brian (April 25, 2019). "First Circa sportsbook to open at Golden Gate in June". VegasInc. Retrieved May 14, 2021.
  42. ^ Schulz, Bailey (June 19, 2019). "Circa Sports launches at the D Las Vegas". Las Vegas Review-Journal. Retrieved May 14, 2021.
  43. ^ "Michigan Alum Casino Owner Stands To Win $1 Million On Spartans". CBS. March 31, 2015. Retrieved May 14, 2021.
  44. ^ Dewey, Todd (March 13, 2017). "Las Vegas casino owner bets $352K on first round of NCAA Tournament". Las Vegas Review-Journal. Retrieved May 14, 2021.
  45. ^ Montero, David (April 3, 2018). "Casino owner bet big that Michigan would win it all. Instead, he watched $1 million slip away". Los Angeles Times. Retrieved May 14, 2021.
  46. ^ Horwath, Bryan (May 27, 2020). "Casino owner giving away 1,700 free flights to Las Vegas". Las Vegas Sun. Retrieved May 14, 2021.
  47. ^ Chareunsy, Don (January 6, 2021). "Circa 2021: Derek Stevens opened his downtown Las Vegas hotel, Circa, on Oct. 28, then Dec. 28, amid the pandemic". The Spokesman-Review. Retrieved May 14, 2021.
  48. ^ DeVito, Lee (March 4, 2015). "How 'Detroit' is Las Vegas casino The D?". Detroit Metro Times. Retrieved May 14, 2021.
  49. ^ Nelsen, Chris (March 21, 2017). "Michigan native's bet worth $1 million if Wolverines win title". Detroit Free Press. Retrieved May 14, 2021.
  50. ^ Gentry, Dana (April 15, 2021). "Employee dining room, free parking elude Circa employees". Nevada Current. Retrieved May 14, 2021.
  51. ^ Appleton, Rory (April 5, 2021). "Challengers lining up for Sisolak, Cortez Masto in 2022". Las Vegas Review-Journal. Retrieved May 14, 2021.
  52. ^ Hartman, Jim (April 23, 2021). "Sisolak's potential GOP opponents in 2022". Elko Daily Free Press. Retrieved May 14, 2021.
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