The Las Vegas Club, one of the oldest casinos in downtown Las Vegas, was sold to Derek and Greg Stevens, who own the The D Las Vegas Casino Hotel and Golden Gate Casino Hotel.
The Fremont Street-located sports-themed gambling venue, which opened doors back in the 1920s, also featured about 400 hotel rooms. However, those were closed back in 2013.
The property is sold by casino operator Tamares Group. The company currently runs The Plaza Hotel and Casino as well. The sales price as well as other important terms of the deal remained undisclosed.
The Stevenses purchased the former Fitzgerald casino in 2011. They spent about $22 million on various renovations and the property was converted and re-launched as The D Las Vegas only a year later.
Jonathan Jossel, Chief Executive Officer of PlayLV, a Tamares Group subsidiary that runs The Plaza and the Las Vegas Club, said in a Friday statement that although they had been working on a number of development projects, it became quite clear that the sale of the casino would provide his company, its employees, and Fremont Street with better opportunities. In addition, the executive pointed out that PlayLV is determined to focus its attention on its Plaza property.
Mr. Jossel also noted that his company will keep on running the Las Vegas Club until the venue is closed for renovation by the new owner. In conclusion, he said that they are excited about the transaction and the fact that the Stevenses share PlayLV’s commitment to the well-being of the Fremont Street area as well as the “continued growth of downtown Las Vegas.”
Not long ago, the Las Vegas Club found itself in the middle of a bitter controversy, as PlayLV sought approval from city officials to turn part of the casino into a drugstore that would offer packaged liquor. However, the Fremont Street Experience board, with Derek Stevens being a member, said in a July letter that such an endeavor would have quite a negative effect on the street as a popular tourist destination.
Mr. Jossel said that the rejection of the drugstore plan was not the main reason why his company decided to sell the casino but was most definitely a contributing factor. He also described the plan as one of the several components Tamares had envisioned for the redevelopment of the Las Vegas Club.
Having decided to pay more attention to The Plaza and being aware of the Stevenses’ interest to buy the property, the owner of the aging Fremont Street casino considered its sale equally beneficial for everyone involved.
It is not clear when the transaction will be completed as it is subject to regulatory approval. However, casino experts believe that the deal is not likely to meet any considerable resistance as both the Stevenses and Tamares have already been granted gambling licenses by the Nevada Gambling Commission.