Vol. 4, No. 5, May 2008, Tumbling Dice
Changes Await Golden Gate
The Golden Gate in Downtown Las Vegas has a new investor who is hoping to help develop the property into a boutique hotel.
Derek Stevens bought a 50 percent stake in the 102-year-old hotel in March, a transaction that was celebrated in April with co-owner Mark Brandenburg (l.) and Las Vegas Mayor Oscar Goodman (c.).
Stevens, whose family owns a stake in the Riviera and the Las Vegas 51s baseball team, said he was attracted to the property because of its small, intimate feel. He also liked the fact that Brandenburg was on site to manage the property.
Stevens’ investment brings some much-needed capital to the property that could finance improvements in hotel rooms and public areas. While neither owner expects the property to compete with casinos on the Strip, they think there is a place for a boutique casino on Fremont Street.
That doesn’t mean they plan to price out the value-oriented customers who frequent the casino, Brandenburg said, noting the improvements will be for “all of our hotel guests, not just the high rollers.”
Stevens is already looking at plans to cross-market the casino with the 51s with a promotion awarding a free shrimp cocktail to ticket holders when the team scores 10 or more runs in a game.
