A hotel and casino CEO from Las Vegas has received two profits from Michigan of one million dollars.
Prior to the start of March, Derek Stevens, CEO of the D Las Vegas Hotel & Casino in Madness, Michigan, convinced Tilman Fertitta, billionaire and owner of the Golden Nugget Casinos and Houston Rockets, to accept a $ 25,000 bet at 40-1 on Michigan to win the NCAA championship.
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– Derek Stevens (@DerekJStevens) March 18, 2018
If the Wolverines go all the way, this would be the biggest loss in the history of Golden Nugget Las Vegas (19659002) Stevens and Fertitta have made friendlies in the past, but if Michigan win against Loyola Chicago on Saturday, it will be the next to bring Stevens a big win. So the question becomes: "Beware or do not hedge?"
Question of the Day #MarchMadness Fans …… should I hedge or should I let it roll? @VSiNLive @Dasvegas @GoldenNuggetLV @GoldenGateVegas @FSELV @TilmanJFertitta @Gollumlv @aaronkessler @umichbball @CityOfLasVegas #GoBlue
– Derek Stevens (@DerekJStevens) March 25, 2018
Stevens told the Detroit Free Press that he already has plans for the money if he is to win the bet.
"I have the Golden Gate Hotel and the Casino and I have the D Las Vegas that many people from Detroit visit to see Tiger Butts. I'm just about to build a third casino."
Last year, Stevens dropped $ 12,500 at the Wolverines at the Golden Nugget at odds of 80 to 1 before the tournament.