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Topics in this article: Gambling
Originally Published: March 18, 2012 8:00 PM Modified: March 18, 2012 8:57 PM
'D' gets nod from Vegas casino owners with local ties
Stevens brothers operate Warren fastener makers
By Sherri Welch
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The Fitzgeralds Casino and Hotel in Las Vegas transferred to new ownership when the Detroit-based Don H. Barden Trust sold it last year.
But it's maintained its ties to Detroit -- including its new name.
The casino's new owners, Derek and Gregory Stevens, operate several nut-and-bolt manufacturing companies locally, in addition to owning the Fitz and other casino interests.
They renamed the casino last week The D Vegas Casino Hotel-- reportedly as an homage to their hometown, among other considerations.
Locally, the brothers operate The Cold Heading Co., according to U.S. Securities and Exchange Commission filings.
The third-generation family business in Warren produces fasteners, nuts and bolts for the automotive, agricultural and heavy construction industries.
Stevens is also CEO of several affiliates: Beachlawn Inc., Ajax Metal Processing Inc. and Wolverine Carbide & Tool Inc.
All four businesses are based from 21777 Hoover in Warren, according to the SEC filing, but Ajax has another site in Detroit, and Wolverine has a site in Roseville.
The Stevens brothers also own Desert Rock Enterprises LLC, an investment partnership that has holdings in several Las Vegas casinos. Those holdings include a minority share in Riviera Holdings, the parent company of the Riviera Hotel & Casino; a majority share in the Golden Gate Hotel & Casino; and now ownership of The D Vegas Casino Hotel, according to Las Vegas Review Journal reports.
Derek Stevens, the elder of the two brothers, took over in 1994 as president and CEO of Cold Heading, the company his grandfather Rene DeSeranno founded.
Stevens continues to serve as CEO of the company, plus the three other affiliated companies at that address, and Desert Rock, according to the SEC filing. He is also president of The Cold Heading Foundation.
Greg Stevens is industrial engineer and facilities manager for all four companies, vice president of Wolverine Carbide and treasurer of The Cold Heading Foundation.
The brothers' Las Vegas-based Desert Rock acquired The D casino in October for an undisclosed amount from the Don H. Barden Trust, locking up a deal reportedly initiated before Barden's death in May.
Barden had licensed the Fitzgeralds name, so it was not included in the sale.
The D name pays homage to Detroit as the Stevens brothers' hometown, as well as to Derek Stevens' nickname and to the downtown Las Vegas revitalization taking place, VegasInc.com reported last week.
Crain's could not reach the Stevens brothers on deadline Friday.
The Stevens brothers plan to invest $15 million in the Fremont Street casino that will update its exterior and 640 rooms and establish a modern theme for the ground-floor casino and vintage slots on the second floor, while adding two bars -- one inside, one outside -- according to the Review Journal.
That investment follows their recent investment of $12 million to refurbish the Golden Gate casino, according to the report.
The Stevens brothers also dabbled in ownership of a minor-league baseball affiliate of the Los Angeles Dodgers, acquiring the Las Vegas 51s (named for the nearby Area 51 military base) in 2008 through their Stevens Baseball Group.
They sold the team in May for an undisclosed amount to Silver State Baseball Group LLC.
Topics in this article: Gambling
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