E274 - Derek Stevens from Circa Resort & Casino

On this episode of the Business of Betting Podcast, Jeff Edelstein is joined by Derek Stevens, Owner & CEO of Circa Resort & Casino, for a wide-ranging conversation on building one of Las Vegas’ most distinctive properties, the evolution of sports betting, the explosion of Circa Survivor, and why prediction markets pose an existential threat to state-regulated gaming. Hear them discuss: 00:00 – Fremont Street’s resurgence, Circa’s role in downtown Vegas, and designing an elevated experience beyond hotel guests 04:30 – Vegas history, Steve Wynn’s influence, and why the Mirage changed casino design forever 09:00 – Stadium Swim skepticism, why investors doubted it, and how it became Circa’s signature attraction 11:00 – Derek’s unlikely path from Michigan manufacturing to casino ownership and the family business roots behind it 15:00 – The Stevens brothers’ partnership, division of responsibilities, and why it’s worked for decades 17:00 – Circa Sports’ expansion into online betting, proprietary technology, and choosing where the model actually fits 20:00 – State tax revenue, problem gambling funding, and why prediction markets undermine the regulated ecosystem 22:00 – DraftKings, FanDuel, and Fanatics entering prediction markets and why Derek believes it puts future licenses at risk 23:30 – The origin story of Circa Million and Circa Survivor and how Survivor became lightning in a bottle 25:00 – Circa Survivor’s growth to a $18.7M prize pool, five perfect entries, and why the contest resonates emotionally 27:30 – Derek’s pitch for Circa: sunshine, Stadium Swim year-round, best-in-class rooms, and real value in Vegas

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