Stevens brothers get initial OK to buy out remainder of Golden Gate

The newly renovated entrance to Golden Gate on Thursday, Sept. 18, 2012, in downtown Las Vegas.

Two of downtown Las Vegas’ highest-profile property owners today received preliminary approval to become full owners of the Golden Gate casino.

The Nevada Gaming Control Board gave the green light to Derek and Greg Stevens’ efforts to raise their ownership interest in the Golden Gate from 65 percent to 100 percent. Derek Stevens indicated to the board that Golden Gate President Mark Brandenburg, who owns the remaining 35 percent of the business, is stepping down as the Stevens brothers buy him out.

Golden Gate Renovation Reveal

The new penthouse suites inside the Golden Gate Casino & Hotel in downtown Las Vegas on Tuesday, September 18, 2012. Launch slideshow »

Stevens called his relationship with Brandenburg and the Golden Gate a “beautiful story” that helped him become familiar with the industry.

“For myself, personally, the Golden Gate was a wonderful acquisition because it acclimated me to Nevada and to the gaming industry,” he said. “And it was a small enough property that I felt we could go through a learning process that I fully respect.”

After becoming part owners of the property, the Stevens brothers eventually raised their interest in the Golden Gate from 50 percent to 65 percent.

Derek Stevens said he was “honored” that Brandenburg later asked if the brothers wanted to buy out the remainder of the business.

Since acquiring part of the Golden Gate, the Stevens brothers have become major players in the downtown gaming and entertainment market. Their other properties include the D Las Vegas, which they created as a renovation of the former Fitzgerald’s casino, and the Downtown Las Vegas Events Center, an outdoor events space they created after buying and demolishing the old county courthouse.

Most recently, the brothers bought the Las Vegas Club, which is closed while they determine what to do with the space.

Derek Stevens said he hoped to share his thoughts and ideas for that property with the board soon.

The Golden Gate transaction now heads to the Nevada Gaming Commission for final approval.

Gaming

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