Las Vegas casino owner gets win, no $1M payday as Michigan loses

Derek Stevens, CEO and co-owner of The D Las Vegas, reacts while watching his alma mater Michigan take on Loyola in the Final Four Saturday, March 31, 2018, at The D. (Sam Morris/Las Vegas News Bureau)

Derek Stevens didn’t cash his $1 million ticket on Michigan, but the Las Vegas casino owner still came out on top on his wagers Monday night and for the NCAA Tournament.

Stevens, who owns the D Las Vegas and the Golden Gate, lost his $25,000 futures bet on the Wolverines placed at the Golden Nugget when Michigan was defeated 79-62 by Villanova in the NCAA title game. But he won $100,000 on a $330,000 hedge bet he placed on the Wildcats on the money line Monday afternoon at William Hill sports book.

The final moments @DerekJStevens @dereksnicole @theDlasvegas … pic.twitter.com/7nUAfJeOSG

— John Katsilometes (@johnnykats) April 3, 2018

Minus the $52,000 in hedge bets he lost on Loyola-Chicago in the Wolverines’ win on Saturday and Stevens ended up with a net profit of $23,000.

The Michigan grad also won $16,000 in the first round of the NCAA Tournament — when he went 17-14-2 on 33 $11,000 wagers — bringing his total tournament winnings to $39,000.

Contact reporter Todd Dewey at tdewey@reviewjournal.com. Follow @tdewey33 on Twitter.