Derek Stevens, the owner of the casino, has acquired the real estate beneath the historic Golden Gate Hotel & Casino in downtown Las Vegas for $19 million, thus securing full ownership of this iconic venue.
The acquisition was finalized last week, as reported by property records from Clark County, which were accessed by the Las Vegas Review-Journal.
Although Stevens has long managed and owned the Golden Gate, the land had previously belonged to the heirs of Las Vegas pioneer John F. Miller, who established the original Hotel Nevada on this site in the early 1900s.
Miller acquired the property in 1905 during an auction that marked the inception of Las Vegas and inaugurated the Hotel Nevada in 1906. In 1931, its name was changed to “Sal Sagev” — the word “Las Vegas” spelled backward — prior to the launch of the Golden Gate casino by investors from San Francisco in the 1950s.
The land remained under the stewardship of the Miller family through a corporation established in 1908, known as Sal Sagev Hotel Co. Inc. Stevens mentioned that he procured the property from the family’s descendants, including James Reynolds, the company president, who is reportedly Miller’s great-grandson.
Stevens recounted meeting Miller’s granddaughter, Carolyn Reynolds, nearly twenty years ago when he and his brother purchased a 50% share in the Golden Gate. They attained full ownership in 2015 and subsequently renewed the ground lease until 2061.
Stevens has expressed his long-standing desire to own the land of the Golden Gate, although the previous owners were hesitant to sell, as reported by the Review-Journal. He believes the Miller family aimed to keep the property in trustworthy hands.
The Golden Gate is situated at 1 Fremont Street, right at the western end of the Fremont Street Experience. The venue stands as one of the most well-known casinos in downtown Las Vegas.
Under Stevens’ guidance, the property has witnessed various modernization efforts while preserving its historic appeal. In 2012, a five-story hotel tower was added, marking the establishment’s first significant expansion in five decades, followed by an enlarged casino floor and a Jazz Age-themed entrance in 2017.
Stevens is also the proprietor of The D Las Vegas and Circa Resort & Casino, which opened its doors in 2020, marking the first new downtown resort in 40 years.
The Golden Gate is deeply embedded in Las Vegas’ history. In 1907, the city’s first telephone was installed in the hotel, whereas its first outdoor electric sign was erected in 1927 — paving the way for the iconic neon signage that characterizes the Strip. In 1959, the hotel premiered Las Vegas’ original shrimp cocktail, a dish that has since become a symbol of the city.
Visitors can currently admire black-and-white photographs of Rat Pack members and an array of vintage artifacts from the property’s various eras. Among these relics are 1930s hand towels, 1950s chip racks, 1960s casino uniforms, and the wood piping that once connected to Las Vegas’ inaugural telephone line — phone number “1.”