Desert Rock Enterprises owners Derek and Greg Stevens already were the majority owners of the Golden Gate casino in Las Vegas, but they agreed to buy the remaining 35 percent.
The Stevens brothers will buy the remaining shares from Mark Brandenburg, who is heir to the family that founded the Golden Gate casino in 1906.
The Golden Gate, which is located on the west end of the Fremont Street Experience on the south side of the walking mall, is the oldest continuous casino operation in Las Vegas and has 122 hotel rooms.
The Stevens brothers did not disclose how much they are to pay for Brandenburg’s 35 percent interest in the casino and told the Nevada Gaming Control Board the move amounts to a transfer of interest, the Las Vegas Review Journal reported.
The Stevens brothers bought a 50 percent interest in the Golden Gate in 2008 and added another 15 percent through various deals since.
The Nevada Gaming Commission must approve the sale and is slated to address the matter during its November 19 meeting.
The Golden Gate underwent a $12 million renovation in 2012, which was the casino’s first upgrade in half a century. The improvements added a five-story hotel tower, with 14 suites and two penthouses, while the gaming floor was expanded and a high-limit area added.
Through Desert Rock Enterprises, the Stevens brothers own the D Las Vegas casino and recently bought the shuttered Las Vegas Club, which closed its doors in August.