Stevens brothers get final OK for full ownership of Golden Gate

The Golden Gate hotel-casino in downtown Las Vegas Sunday, Nov. 1, 2015.

Downtown Las Vegas casino owner Derek Stevens and his brother today received final regulatory approval to increase their ownership interest in the Golden Gate.

The Nevada Gaming Commission said Stevens and his brother, Greg, can buy the 35 percent of the historic hotel-casino they don’t already control. Stevens and his brother have been part owners of the Golden Gate for years.

The Stevens brothers are buying out the Golden Gate’s longtime president, Mark Brandenburg, who Derek Stevens previously indicated would step down from his position. Stevens told the commission today that he and Brandenburg have been “great partners” over the years.

“Mark was really my mentor coming into Las Vegas,” Stevens said. “This is really just a natural progression.”

Stevens said Brandenburg approached him to ask if the brothers would be willing to buy the remaining 35 percent of the business. He said they were happy to work out a deal and called it a “great Vegas success story.”

Commission Chairman Tony Alamo seemed to think that the Golden Gate was in good hands.

“The property has obviously a lot of history,” he said. “It’s a struggle to get through, but you guys are doing it.”

The Gaming Control Board approved the transaction two weeks ago.

The Stevens brothers have become a big part of the downtown casino market in recent years.

In addition to their ownership of the Golden Gate, they acquired the former Fitzgerald’s property and transformed it into the D Las Vegas a few years ago. More recently, they bought the Las Vegas Club, which subsequently closed while the brothers determine what they want to do with it.

Share