It’s been 85 years since the Las Vegas Club opened on Fremont Street and installed the second neon sign in all of Las Vegas – the first on a hotel gambling establishment. Two years ago, the aging casino partially closed and it has now been sold to the owners of The Golden Gates and D casinos.
Derek and Greg Stevens purchased the property from the Tamares Group, owners of the Plaza, for an estimated $40 million according to Clark County records, but did not buy the name “Las Vegas Club,” any gaming assets, or the player database. The transaction did not have to be approved by the Nevada gaming regulators since the gaming aspects were not acquired.
“It is clear that the sale of the property provides a greater opportunity for the future of the company, its staff and the Fremont Street neighborhood,” PlayLV CEO Jonathan Jossel said in a statement.
In its partial closing in 2013, the casino’s 400 hotel rooms were shuttered; but the Las Vegas Club has continued to operate a 19,600-square-foot casino. Earlier this year, the club announced its intent to open a 13,810-square-foot pharmacy that would sell packaged liquor on the eastern side of its casino. However, extreme opposition from the board of the Fremont Street Experience torpedoed the idea.
In the coming weeks, the casino will be shut down so a review of the property can be completed. The closure could happen anytime in the next 60 days.
The Stevens brothers have shown a commitment to renovating and renewing the downtown area of Las Vegas. Before creating The D, the pair invested $22 million in renovating The Fitzgerald.
Two years ago, Derek Stevens bought the former Clark County Courthouse for $10 million and converted the site into a concert venue. Derek is also on the board of the Fremont Street Experience.
(Photo credit: Wikimedia Commons, Creative Commons.)
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