Derek Stevens | |
|---|---|
| Born | (1967-09-17)September 17, 1967 (age 58) |
| Education | University of Michigan (1990) Wayne State University (1994) |
| Occupation | Businessman |
| Spouse | Nicole Parthum |
| Children | 3 |
| Relatives | Greg Stevens (brother) |
Derek Stevens (born September 17, 1967) is an American businessman who owns several hotel-casinos indowntown Las Vegas. Stevens, along with his brother Greg, purchased theGolden Gate Hotel and Casino in 2008, followed in 2011 byFitzgeralds, which they renamed as The D Las Vegas. He also owned theLas Vegas 51s baseball team from 2008 to 2013, and built the Downtown Las Vegas Events Center in 2014.
Stevens and his brother purchased theLas Vegas Club in 2015, and theMermaids Casino a year later, demolishing both to build theCirca Resort & Casino. Stevens also launchedCirca Sports, a chain ofsportsbooks. 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.
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, inWarren, Michigan in 1952.[5][6] He has a younger brother, Greg Stevens. The family lived inGrosse Pointe, Michigan, and Stevens attendedGrosse Pointe South High School, where he played baseball and some football.[7][3]
In 1990, Stevens graduated fromUniversity of Michigan, located in the city ofAnn Arbor.[5][8] Four years later, he earned aMaster of Business Administration degree in finance, fromWayne 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]
Stevens' first job was working for three years as a valet along theDetroit River.[3] He visitedLas 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 offasteners in 1999.[6]
During the 1990s, Stevens began investing in gaming companies, buying stock inInternational Game Technology and theRio hotel-casino, both in Las Vegas.In the 2000s, Stevens became a stockholder inRiviera Holdings, which owned theRiviera resort on theLas 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 nostate income tax.[7][17]
Stevens, a sports fan,[18] purchased theLas 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 includedHoward Hughes Corporation.[2][23]
Althoughdowntown 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 theFremont 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 theGolden Gate Hotel and Casino in downtown Las Vegas.[24][25][26] It took Stevens 18 months to receive agaming license, and theGreat 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 theLas Vegas Convention and Visitors Authority.[27]
In 2011, the Stevens brothers purchased theFitzgeralds 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 acceptbitcoin, although the currency is only used for non-gaming purchases.[36][37][38]
In 2015, the Stevens brothers purchased theLas Vegas Club in downtown and eventually announced plans to build a new resort in its place. In 2016, they purchased the adjacentMermaids Casino and Glitter Gulch strip club,[39] both of which were demolished along with the Las Vegas Club. The Stevens had theCirca Resort & Casino built on the property, opening it in late 2020.[1][40][41] 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 launchedCirca Sports, a chain of localsportsbooks,[42][43] 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][44][45][46] In 2020, he gave away 1,700 free airplane tickets to Las Vegas to help the city's economy amid theCOVID-19 pandemic.[47]
As of 2020, Stevens remains as CEO of Cold Heading Company, in addition to overseeing his casinos.[2] He has no interest in entering theDetroit 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]
Stevens is married to Nicole Parthum,[48] who he met during first grade. In the 2010s, the couple lived inBirmingham, Michigan, but made frequent visits to Las Vegas.[28][49][50]
Stevens has made frequent financial contributions to bothDemocratic andRepublican candidates. He contributed $5,000 to DemocratSteve Sisolak and $10,000 to RepublicanAdam Laxalt during their2018 bids for Nevada governor. Two years later, Stevens contributed an additional $10,000 to Governor Sisolak.[51] In 2021, Stevens was seen as a potential Republican contender to face off against Sisolak in the2022 Nevada gubernatorial election.[52][53]