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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Las Vegas Club to close for renovations

17 August 2015

The downtown Las Vegas Club Hotel and Casino, which is being purchased by the owners of The D Las Vegas, will close at an undisclosed date, it was learned Saturday.

In an emailed statement, D Las Vegas owner Derek Stevens said he and his brother Greg purchased "the real estate and the building" of the 86-year-old sports-themed hotel-casino. The Stevens brothers did not "buy the business or any gaming assets. We didn't buy the name Las Vegas Club or the player database either for that matter."

Derek Stevens said the brothers provided PlayLV, operators of the Las Vegas Club, "a short term lease while they close down."

The property was sold by the Tamares Group, owners of the Plaza, for an undisclosed price. PlayLV also manages the Plaza.

Derek Stevens said the transaction does not have to be approved by Nevada gaming regulators since the gaming aspects were not acquired. The Las Vegas Club's 400 hotel rooms have been closed several years.

"I look forward to beginning the evaluation of the building and coming up with our version of the best use of the property," Derek Stevens said. "Obviously, I'm bullish on downtown Las Vegas and feel fortunate to be a part of the growth in Las Vegas."

Derek Stevens and his brother have committed to renewing the downtown neighborhood by remodeling and upgrading properties. They acquired the Fitzgerald in October 2011, invested $22 million in renovations and converted it to the D Las Vegas a year later. They also own 60 percent of the Golden Gate, which is across Fremont Street from the Las Vegas Club.

In 2013, Derek Stevens bought the former Clark County Courthouse for $10 million and converted the 2.76-acre site into an outdoor concert venue.

The Las Vegas Club has several hundred slot machines and 19 table games.

"In the interim, until closure of the Las Vegas Club for renovations by its new owner, PlayLV will continue to run the day-to-day operations of the Las Vegas Club," said PlayLV CEO Jonathan Jossel. "We are excited by the opportunities this sale creates for Tamares and PlayLV and that the new owner shares our commitment to the Fremont Street area and the continued growth of downtown Las Vegas."