Michigan’s Derek Stevens Is A Rising Casino Star. Will He Bring Circa Sports Back Home?

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Derek Stevens truly exemplifies the ancient Aesopian wisdom that one can judge a person’s character based on the company they keep.

The fact is, the Las Vegas casino magnate and Michigan native has a tendency to accompany everyone else.

This showcases the extent of his commitment to his entertainment ventures, which in Sin City encompass The D, the Golden Gate, and the Circa, the most recent addition to his portfolio.

Despite the ongoing pandemic, Circa has experienced significant growth since its launch in late 2020, thanks in large part to the constant involvement of Stevens. However, the question remains: Will Derek, along with his brother Greg, who operates behind the scenes as a co-owner, ever consider establishing Circa in their home state of Michigan?

For a local boy accustomed to answering such questions with enthusiasm, here comes yet another million-dollar question.

At a Derek Stevens property? You’ll see him soon

Stevens is actively involved in every aspect of his property during business hours. Hearing Circa Sports operations manager Jeffrey Benson talk about it is quite a whirlwind experience. From the hotel, gaming, food and beverage, to the striking sportsbook, Stevens is fully engaged and hands-on.

Even during his free time, he remains present.

Benson, in an interview with Playinmichigan, mentioned that if you spend enough time on any of the properties, you’re guaranteed to encounter him. He can be found at the bar, treating players to drinks, engaging in social interactions, and discussing business matters. Unlike most CEOs or owners in the gaming industry, he is readily accessible to both employees and guests, which is quite remarkable.

He is a contemporary trailblazer when it comes to embodying the concept of the traditional casino owner in the present day.

Stevens, who used to reside in Grosse Pointe during his early days in Michigan, finds the days spent at his Las Vegas properties to be the epitome of extended luxury.

“I’ve grown to cherish this business for one major reason – instead of heading home at 6 p.m., I have the pleasure of descending to the bustling casino floor. Here, I get to indulge in activities that truly bring me joy,” he expressed. “Savoring a few drinks, immersing myself in exhilarating sports events, and forging connections with fascinating individuals – these are the things I absolutely adore.”

“I constantly analyze numbers and the team remains dedicated, but the remarkable aspect is our collective passion for our work. That’s the beauty of it. If you spend 8 hours on a property and dislike your job, it feels like an eternity. However, if you’re on a property for 16 hours and genuinely enjoy what you do, time seems to fly by. We have the privilege of pursuing our true passions.”

Certainly, entertainment and sports are among the passions that people hold dear. In the realm of sports betting in the United States, Circa Sports has emerged as a flourishing brand. Originally an idyllic downtown hotel featuring a sportsbook and a popular swim-up betting spot in Las Vegas, this establishment has now evolved into a comprehensive betting enterprise. With the acquisition of licenses in Colorado and Iowa, Circa Sports continues to attract a growing number of satisfied customers.

The latest million-dollar query is whether any aspect of that business will return to Stevens’ hometown in the Great Lakes State.

Circa Sports and Michigan sports betting: Will it be a match?

To initiate the process of answering the question, “Will Stevens and/or Circa venture into Michigan sports betting,” it is essential to evaluate both the feasible and infeasible aspects step by step.

Currently, there are no possibilities at the moment. While acquisitions in the industry may result in opt-outs, all Michigan sports betting licenses have been allocated and will only be up for renewal every five years.

However, Stevens is content with Circa’s current approach for several reasons. Firstly, Circa is showing intentionality in selecting the markets it ventures into. Additionally, Circa’s operational strategy as a sportsbook aligns with this decision.

Stevens expressed his belief that sports betting should be conducted with a reduced hold percentage compared to the current practices. He disapproved of extravagant bonuses, such as receiving $100 for a single point scored by the Knicks when you bet $100. According to him, such promotional tactics do not align with his traditional understanding of sports betting. Stevens grew up betting on the Yankees at odds of -120 and the Red Sox at +110, rather than the current trends of -140s and +110s.

To some extent, this maxim plays a role in the initial phase of this puzzle. Since it aims to function as a nostalgic sportsbook, the low-hold percentages don’t align well with a market like New York (where Circa isn’t currently active) due to the high tax rate of 51% imposed by the state.

Therefore, the key ingredients for an ideal working state include implementing the Circa business model within a regulatory framework. Subsequently, securing a partnership with a casino to obtain an online presence becomes crucial. Initially established in Nevada, Circa has successfully expanded its operations to Colorado and Iowa.

Where is Circa Sports looking to expand next online?

Benson’s responsibilities also include the supervision of the company’s expansion into fresh markets, and his perspective regarding other states aligns with Stevens’ depiction.

He stated that our team is currently small compared to other operators who have larger marketing budgets, operating budgets, and teams. However, we are experiencing organic growth and are content and confident with that. We are actively considering states that offer beneficial remote funding and remote registration components. As we expand our team and operations, we will also explore opportunities in other states.

Returning to the topic of mission, it has been determined that Circa is currently unable to do so. However, there is a possibility that Circa might be able to in the future. Nonetheless, it raises the question of whether it actually would.

Stevens stated that his preference is to enter Michigan due to his connections there. However, he also mentioned that he is attracted to the favorable operators’ market in Michigan. Additionally, he expressed satisfaction in not being part of the initial launch in Michigan, as he believes it would save him from the intense competition and high marketing expenses.

In my opinion, the marketing expenditure in Michigan was excessively high considering the potential return on investment. Moreover, as a Michigan resident, I find the marketing spend to be almost offensive. It is astonishing to witness the abundance of sportsbook advertisements, with up to seven out of eight 30-second commercials during the 11 p.m. news being solely dedicated to promoting sportsbooks.

Certainly not now doesn’t imply never.

Why Derek Stevens and a Detroit casino is a bigger stretch

There is a concise proverb that advises against saying “never.” While this advice applies to various aspects of one’s life, it appears that Stevens’ company is highly unlikely to ever acquire an ownership stake in a Detroit-area or Michigan casino.

When asked about potential thoughts regarding the Greektown Casino-Hotel’s sale to Penn National Gaming in 2018, Stevens indirectly expressed a negative response without explicitly denying any future possibilities, as shared with Playinmichigan.

“We have a strong focus on entertainment. It’s all about people stepping out of their daily routines and leaving behind their worries for a period of 48 to 72 hours,” he stated. “Our main priority is to ensure that when people attend our events, they are absolutely amazed and have the most incredible experience of their lives.”

To exemplify this, Stevens elaborated on the diverse range of entertainment options available in Las Vegas. He mentioned an exhilarating Canelo Alvarez boxing match, an electrifying Rolling Stones live performance, captivating events hosted at the T-Mobile Arena, a mesmerizing George Thorogood concert led by Circa, and an enchanting concert by Rufus Del Sol.

And that was merely a single November night in Sin City.

According to Stevens, the markets in Detroit and Vegas have some differences. While he appreciates the businesses he has owned in Detroit and maintains a connection to the city, his focus is on hotels that cater to guests staying multiple days and hosting large events during major occasions. On the other hand, Vegas stands out because it constantly attracts a daily influx of 100,000 individuals. Each day in Vegas is someone’s first experience, and their enthusiasm is contagious.

Circa Sports: ‘For gamblers and by gamblers’

The entire team at Circa Sports follows a people-focused approach, with Benson emphasizing that small actions can have significant impacts.

Benson, along with other employees, demonstrates their commitment by escorting customers to various areas within the Las Vegas property. They guide them to the Stadium Swim, as well as to secluded spots at the bar where lesser-known games might be playing on TV, away from the main sportsbook. Additionally, Stevens’ properties feature elements that pay homage to Detroit and Michigan, such as an American Coney Island and a Saginaw’s (a branch of Zingerman’s Deli). These small touches provide Michiganders with a familiar taste of home.

Stevens elaborated on the fact that numerous individuals who have resided in Detroit at some point in their lives now reside in southern California, Arizona, or even Las Vegas. Unfortunately, they have not had the opportunity to experience the offerings of these regions. These places have established themselves as influential entities with dedicated clientele, and this aspect has significantly influenced our decision-making process.

In addition to Nevada, the approach extends beyond as well. Take a glance at Twitter, where there is a continuous stream of responses and interactions with various sports bettors. Alternatively, Circa’s Vice President of Operations, Mike Palm, frequently attends customer engagement events in Circa’s markets in person.

Benson stated that Circa Sports is designed for and run by gamblers, and having individuals (in prominent positions) associated with Circa Sports and actively involved helps people grasp our identity and participate in our activities. Benson believes that being genuine and enjoyable appeals to players, and he believes that the industry often lacks the honesty and openness that Circa Sports strives for.

Stevens is someone who is transparent and straightforward, whether it is in his daily interactions or when dealing with individuals.

He emphasized, “Our utmost priority is to ensure that when individuals engage with our properties, they are left awe-struck and have an unforgettable experience.”

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