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Thursday, Oct. 20, 2011 | 1:52 p.m.
Sun coverage
Gambling in downtown Las Vegas has been in a slump but brothers Derek and Gregory Stevens are betting business will pick up. The state Gaming Commission Thursday gave final approval to the brothers to buy Fitzgeralds Hotel and Casino from the estate of Don Barden, who died several months ago.
Downtown Las Vegas has had only three months higher gross gaming revenues in the last year.
Derek Stevens told the commission that Fitzgeralds has "great potential as long as there is new capital." The new owners plan to renovate and upgrade the hotel-casino.
Derek Stevens will have 78 percent through a trust and Gregory Stevens will have the remaining 22 percent. All assets and liabilities will go to the brothers.
The sales price was not disclosed.
Derek Stevens said negotiations to buy the property were under way several months before Barden's death.
Derek Stevens will be the manager in Desert Rock Enterprises II, the company that officially will own Fitzgeralds.
The brothers also own two-thirds of the Golden Gate casino in downtown Las Vegas. Derek Stevens said they would begin upgrading that property in a couple of weeks and that there will be some cross-marketing in promoting the two casinos.
Commission Chairman Peter Bernhard called Barden a gaming pioneer who "did not earn as much money as he thought he would."
Congratulations!
Welcome to Vegas!
Wow, this is great news. My wife and I do not EVER go on the strip anymore. We come to Vegas 6 times a year, always stay downtown, (usually at either Golden Gate, Golden Nugget, or The Plaza), and we then visit ALL the casinos to play, eat and have just a great time. Downtown is where it is at; the Fremont Experience, the cheap black jack and table games, the outstanding socializing on the street, the bands, and now a brand new Plaza hotel and with the coupling of the Fitz and Golden Gate, all positive news. Just wish that "The Rat Pack" show was back at the Plaza but hey, downtown is still a better bang for your buck than the "plastic" make believe strip ever was!!! Kudos to these new owners and GO Downtown Vegas !!
I stayed at the Fitz last year for the first time. I had a room which had a great 2 sided panorama view from my window. The elevators were slow. The comps are/were not as good as other hotels downtown. I hope the new owners correct this because I would stay there again. Right now other hotels offer free 2 and 3 day stays through there players club cards when one plays in their casino. Hopefully new owners will bring new excitement to the place.
Excellent! Renovate to your heart's content. Downtown Vegas is definitely on the upswing. Congratulations to the new owners of the Fitz.