Derek and Greg Stevens Extend Investment in Downtown Las Vegas with Acquisition of Additional Fremont Street Real Estate
Derek and Greg Stevens – owners of the D Las Vegas Casino Hotel, Golden Gate Hotel and Casino and the Downtown Las Vegas Events Center – are continuing to invest in the development of Downtown Las Vegas with the purchase of the land adjacent to the recently acquired Las Vegas Club (Pictured: Derek Stevens).
The transaction will enable the Stevens brothers to reshape the block on the world-famous Fremont Street Experience as they work to develop a third hotel-casino property.
The land currently houses three Granite Gaming Group properties including Mermaids and La Bayou casinos, as well as adult entertainment mainstay, Topless Girls of Glitter Gulch. Granite Gaming Group will continue operations of each venue until their anticipated closing date toward the end of June. Current employees of Mermaids and La Bayou will be offered priority interview opportunities for new positions at the D and Golden Gate.
“We are very excited to work with Granite Gaming Group on this transaction,” said Derek Stevens. “I’ve always believed the whole is larger than the sum of its parts and this real estate acquisition provides a great opportunity for the future of Downtown Las Vegas.”
Steve Burnstine, CEO of Granite Gaming Group, purchased the downtown businesses from his father, Herb Pastor, in 2006. Over the years, Burnstine and Derek Stevens forged a good working relationship. Burnstine looks forward to the development and is excited about its prospects.
“While it will be sad to say goodbye to our family-run Fremont Street mainstays, it is an exciting time for Downtown Las Vegas as Derek Stevens continues to propel its evolution,” remarked Burnstine. “All three locations will remain open until June 27, giving loyal customers a chance to stop in and say goodbye and first-timers an opportunity to experience vintage Las Vegas.”
Derek Stevens added, “It’s refreshing to see this transaction go from one family business to another. I wish Steve Burnstine the best of luck in this new chapter and for all his future endeavors.”
The Stevens brothers co-own three hotel-casinos as well as the Downtown Las Vegas Events Center, a special event, concert and festival venue that opened in 2014. On March 15, they were awarded the winning bid for Clark County’s Bridger Building, located on 3rd St. and Bridger Ave., which was purchased for the internal growth of their Downtown Las Vegas company.