You’re standing on Fremont Street, looking up at that massive, glowing curve of glass and steel. It’s hard to miss. Circa Resort & Casino basically redefined the Downtown Las Vegas skyline when it opened in late 2020. But unlike the massive corporate mega-structures on the Strip owned by faceless REITs or international conglomerates, Circa has a much more "old school" vibe when it comes to the deed.
So, who owns Circa Las Vegas?
The short answer is Derek and Greg Stevens. They’re brothers. They’re from Detroit. And honestly, they’re probably the closest thing modern Vegas has to the legendary casino moguls of the 50s and 60s. While most of the town is run by committees and boards of directors, these two are the ones actually signing the checks and walking the floor.
The Stevens Brothers: From Michigan to Main Street
It wasn't an overnight thing.
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Derek Stevens, the more public-facing of the duo, moved to Vegas around 2006. He started small. Well, small for Vegas. He and Greg bought a stake in the Golden Gate, which is literally the oldest hotel in the city. By 2008, they had 50%. Eventually, they took over the whole thing.
Then came Fitzgeralds in 2011. They didn't just keep it as it was. They gutted it, spent a fortune, and turned it into The D Las Vegas. If you've been there, you know the vibe—loud music, dancing dealers, and a massive bar that spills out onto the sidewalk. It was a hit. But they wanted something bigger. Something from the ground up.
Building an Empire on a City Block
To build Circa, the brothers had to play a high-stakes game of real estate Tetris. They bought the old Las Vegas Club in 2015. Then they grabbed Mermaids Casino and the Glitter Gulch strip club in 2016. They even bought a tiny sliver of land—about 0.08 acres—from a gift shop owner for a staggering $13.5 million just to make the footprint work.
Why? Because Derek wanted a stadium-style sportsbook. He wanted a pool that looked like an amphitheater.
Most people don't realize that Derek Stevens owns about 75% of their Las Vegas businesses, while Greg Stevens owns the remaining 25%. They operate under the umbrella of Circa Hospitality Group.
Is It Private or Public?
Circa is a private company. This is a big deal in a city dominated by MGM Resorts and Caesars Entertainment. Being private means they don't have to answer to Wall Street analysts every quarter. They can decide to make the entire resort 21-and-over—which they did—without worrying about alienating the "family travel" demographic that public companies often chase.
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It also means the funding is a bit more personal. While they use traditional financing (they refinanced about $420 million in debt through Western Alliance Bank back in 2021), a huge chunk of the $1 billion-plus price tag came from their own equity.
Why the Ownership Matters to You
When you walk into a property owned by a giant corporation, everything feels... calculated. The carpet is the same. The restaurants are the same.
At Circa, you’ll often see Derek Stevens himself hanging out at the Mega Bar. He’s the guy in the loud blazer. Because he and Greg are the owners, the casino reflects their personal interests.
- The World’s Largest Sportsbook: Derek is a massive sports bettor. He built the book he wanted to sit in.
- Stadium Swim: They realized people like watching games in a pool. So they built six of them facing a 143-foot screen.
- Vegas Vickie: They didn't let the iconic neon kicking cowgirl die. They bought her, restored her, and gave her a home in the lobby.
What Most People Get Wrong
A lot of people think the "big guys" on the Strip eventually bought them out.
Nope.
In fact, the Stevens brothers are actually expanding. They recently bought the land under the Golden Gate for $19 million, finally owning the dirt beneath their oldest property. There’s even talk of a "Circa 2" tentatively planned for a site at Symphony Park nearby.
They aren't selling. They're doubling down.
Key Ownership Facts at a Glance
- Owners: Derek Stevens (majority) and Greg Stevens.
- Entity: Circa Hospitality Group (Private).
- Other Properties: The D Las Vegas, Golden Gate Hotel & Casino, Downtown Las Vegas Events Center.
- Estimated Cost: Over $1.1 billion.
- Business Strategy: Independent, adult-only, and sports-centric.
What’s Next if You’re Heading There?
If you want to experience what "independent" Vegas ownership looks like, skip the corporate properties for a night. Head to the 8th-floor rooftop at Circa. It’s called the Legacy Club.
They have a display of 500 gold bars there. It’s a literal representation of the wealth and risk involved in building a billion-dollar resort from scratch.
Keep an eye out for a guy in a bright blue or green suit. That's Derek. If you see him, say hello. He’ll probably tell you a story about a parlay he almost hit or the struggle of getting a 1,000-pound neon sign through a front door. That’s the difference between a CEO and an owner.
Actionable Insights for Your Visit:
- Check the Sportsbook Early: If there’s a big game, those seats sell out. Since it's independently owned, they don't use the same app as the Strip casinos; you'll need the Circa Sports app.
- Bring Your ID: They are strictly 21+. Don't even try to bring a stroller or a teenager for a quick walk-through. They will turn you away at the door.
- Visit the Golden Gate: To see where the Stevens brothers started, walk a block over to the Gate. It’s small, dark, and historic—the total opposite of Circa’s glitz, but owned by the same hands.
The story of who owns Circa is really the story of two brothers who decided that Downtown Las Vegas deserved a billion-dollar bet. So far, that bet seems to be paying off.