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Golden Gate Owners Take Control of Fitzgeralds

By Chuckmonster on Wednesday, 26th October 2011 4:43pm
  » filed under Mergers & Acquisitions  comments: 11


Today, downtown's venerable Fitzgerald's Casino and Hotel, was taken over by Golden Gate's majority owners, Derek and Greg Stevens d/b/a Desert Rock Enterprises II.

As you probably know, the Fitz has been in a rut for decades with its apex being the immolation of their mascot Mr. O'Lucky while in the care of the Neon Boneyard a few years ago. For a half dozen years, Fitzgeralds has languished, stumbling along the rocky bottom as surrounding hotels have refurbished, resurged, reenergized and retooled to meet the changing tastes of tourists and the economic headwinds.

The Stevens brothers promise that plans for a full renovation of Fitzgeralds are in the development pipeline. Can't wait.

Tagged: fitzgeralds   


Comments & Discussion:

The place may need an upgrade but there were quite a few wandering inside while I was on Freemont. I would never stay downtown but it is good to know that the hotels want to look better.

I think this is great news for Downtown. Now if 4Q and Binions could change hands or get a serious refresh and reopening of the hotel, then I think Downtown would be at it's highest point in quite some time.

Super Exciting. The Linq gots nutin' on Fremont.
Seriously, I'd rather take the drunks, peddlers, dirt and basic trash of all kinds than the future plasticity, babys in strollers-wearing baby gap, rent-a-cop-mall that will be called the linq.

They have POWER blackjack at the Fitz, which actually has better odds than their crappy single deck. Also, there are many other carnival games to try out, plus coin in/coin out slots upstairs that tend to be quite genourous.

And in case anyone was wondeering, Power Blackjack explained here: http://wizardofodds.com/powerblackjack

@fersure Don't hold your breath on games and payouts. Expect them to institute Golden Gate payoffs. I'm a huge fan of the 8/5 Bonus Poker at Vue Bar (progressives on both four-of-a-kind and royal, making the game 100% payback most of the time). I expect that to go bye-bye.

@Everyone Fitz is actually my fave "old-school" joint downtown. Great drink prices and specials, friendly patrons and employees. I honestly wouldn't expect too heavy of a renovation. They already have their hands full with the new "tower" of the GG, and the sheer number of rooms would make a complete renovation really expensive. But who knows... we'll see!

I wonder what the timetable is for rebranding the property, as when the deal was first announced, they mentioned an eventual name change for the property (I am assuming that since Majestic Star owns the remaining Fitzgeralds [Tunica and Blackhawk, CO] and the Vegas outpost was a subsidiary company which is what the Stevens are acquiring, they have no deal in place to retain the name.). Now they do the simple rebranding as something like the Emerald Isle casino and retain the current theme. However, since they intend on a vintage Vegas theme for the place, could we see a name that fits that theme? If The Mint name is available, they ought to seriously consider it.

I'm guessing they got the name in Las Vegas, at least for a year. I can't imagine it has much cash value. The Mint would be my first choice also. I think Lady Luck would be nice, if it can be gotten now. I also think using a Gate name would tie it in with the Golden Gate, such as Silver Gate, Diamond Gate or East Gate. Regardless, I think the Stevens are pretty sharp, young operators and I'm excited to see what they can do with a "full sized" casino.

If they're going to tie the new name in with the Golden Gate, they ought to stick with the San Francisco theme and maybe name it after a neighborhood in San Francisco.

Rename it after a S.F neighborhood? You mean like the Tenderloin?

How do Golden Gate payoffs compare to the old Fitz payoffs?

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