The D Las Vegas - Derek Stevens' First Success
The D Las Vegas is Derek Stevens' first major success. Here's how he turned a failing Irish casino into a downtown hotspot with $22M and a vision.
THE TRANSFORMATION (2011-2012):
Oct 2011: Derek & Greg Stevens buy Fitzgeralds (Don Barden died May 2011)
Derek: 78% ownership, Greg: 22%
Investment: $22M renovation over 16 months
Oct 2012: Opens as The D Las Vegas
Complete transformation: gutted property, new everything
WHAT HE BUILT:
639 rooms, all renovated
Two-level casino concept:
Floor 1: High energy, dancing dealers, Lady Gaga music, party atmosphere
Floor 2: Vintage Vegas, Sinatra music, only operational Sigma Derby in Vegas
LONGBAR: 110 feet long, longest bar west of Mississippi (at the time)
American Coney Island (first outside Michigan)
Joe Vicari's Andiamo Italian Steakhouse
Property completely modernized, Irish theme eliminated
THE DETROIT CONNECTION:
"The D" = Downtown + Derek's nickname + Detroit
Stevens marketed to Great Lakes region (MI, WI, OH, IN, IL)
Brought Detroit restaurants to create "second home" for Detroit visitors
Name was controversial, Stevens said: "The name doesn't produce profit. Success of property makes the name"
WHY IT WORKS:
Actually maintained: 13 years old, still looks modern (vs Excalibur 35 years, looks ancient)
Fair pricing: $60-150 rooms (vs Strip $250 + $62 resort fee)
Unique experiences: LONGBAR destination, two-level casino serves different demographics
Fremont Street location: free entertainment, walkability, foot traffic
Derek walks the floor: accessible owner like old Vegas (vs corporate CEOs in boardrooms)
THE RESULTS:
Downtown gaming revenue up 5.3% (March 2013)
The D became catalyst for downtown revival
Property consistently full
Proof of concept for Circa ($1B, opened 2020)
THE FORMULA:
Buy distressed property in good location → Invest immediately in complete renovation → Create unique destination experiences → Give clear identity/brand → Maintain properly → Price fairly → Stay present and accessible
CONTRAST WITH STRIP:
MGM/Caesars: Defer maintenance, price gouge, faceless, generic, declining
Stevens: Invest immediately, fair prices, present, unique, thriving
THE IMPACT:
The D proved Stevens' model works
Foundation for Circa success
Started downtown revival
Showed alternative to Strip corporate model
Downtown growing: +2.4% revenue (2024), +6% Fremont visitation (2025)
Strip declining: -6 consecutive months revenue
Stevens bet on downtown when everyone said it was dead. He was right.
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