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STEVENS, Brent: Difference between revisions

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[[Image:stevens.png|left|thumb|150px|Photo courtesy: 365ink]]STEVENS, Brent. Los Angeles, CA, 1960--  ). CEO of Peninsula Gaming. Brent Stevens was raised as one of four children by a single working mother. Swimming was his only route to college and a scholarship allowed him his chance at a degree. That degree lead to yet more
[[Image:stevens.png|left|thumb|150px|Photo courtesy: 365ink]]STEVENS, Brent. Los Angeles, CA, 1960--  ). CEO of Peninsula Gaming. Brent Stevens was raised as one of four children by a single working mother. Swimming was his only route to college and a scholarship allowed him his chance at a degree. That degree lead to yet more study and an MBA from the prestigious Wharton School.
study and his achievements lead to an MBA from the prestigious Wharton School.


As a senior executive at Jefferies and Company, Inc., lauded during the recent financial crisis as one of the most respected global investment banks, Stevens credited his success to an easy formula. We asked him how he now faces the challenges in his industry and difficult media coverage yet continues believing in and investing in new ideas even when critics, the media, or a doubting public stands in the way? “It doesn’t matter what people say or think about you,” said Stevens. “What matters is that you understand and always live by your values, focus on the quality of what you offer, and have faith in your team to live up to even your highest expectations of quality.”
While doing trend analysis, Stevens noticed a set of trends in the gaming and entertainment market that caught his attention. He then had the idea that if these trends were true and the right kind of community could be found to support this kind of gaming project he had in mind, there may be a great
 
opportunity.
While doing trend analysis well over a decade ago Stevens noticed a set of trends in the gaming and entertainment market that caught his attention. He then had the idea that if these trends were true and the right kind of community could be found to support this
wholly new and unprecedented kind of gaming project he had in mind, there may be a great
opportunity. In fact long before the big casino industry names turned to the stock market to fund growth, Brent Stevens was driving across the Highway 20 Bridge into Dubuque, Iowa, to meet a woman named Natalie Shramm who would be the first of many to convince him
that he had found the very kind of people he needed to change the casino industry forever.
“It was the strength of the local leaders that really sold me, “Stevens told us. “They knew
how to get things done.” He then paused and added, “The community had a reputation of
a quality workforce and we found a pool of real talent here in Dubuque starting with the
day I met Natalie and then from there it just kept growing and growing.”


With the December, 2010 vote by the Kansas Gaming Board, awarding a 5th gaming license to Peninsula’s existing four successful properties, the company was poised to have nearly 3000 employees with 50 at their corporate headquarters in Dubuque.  
With the December, 2010 vote by the Kansas Gaming Board, awarding a 5th gaming license to Peninsula’s existing four successful properties, the company was poised to have nearly 3000 employees with 50 at their corporate headquarters in Dubuque.  


By 2004 the [[DIAMOND JO CASINO]] was the clear market leader in Dubuque, outpacing the Greyhound Park & Casino by nearly 10% annually. However, by 2005 the regional market began to flatten
By 2004 the [[DIAMOND JO CASINO]] was the clear market leader in Dubuque, outpacing the Greyhound Park & Casino by nearly 10% annually. However, by 2005 the regional market began to flatten
and Stevens and his team realized that the only way to grow was to invest. What is worth noting is that had they not made that decision the Diamond Jo, even with a declining market, would have easily retained their market lead and made a generous profit. While Stevens assured community leaders that the analysis showed clearly that in the end both casinos would come out the winner, many local leaders doubted his projections and momentum in either casino's ability to invest faltered.
and Stevens and his team realized that the only way to grow was to invest. While Stevens assured community leaders that the analysis showed clearly that in the end both casinos would come out the winner, many local leaders doubted his projections and momentum in either casino's ability to invest faltered.
 
Despite his willingness to begin immediately and his faith in the analysis behind his assertion that his competitor would also greatly benefit over time, it became clear that the only political path for investment would mean his willingness to bear the burden of his conviction by agreeing to give up his current significant market advantage with the Diamond Jo. He would have to take a big step backward to let the community make the first move forward.  


Stevens' projections turned out not only to be completely accurate, his patience and willingness to prove his case has put his company on top of the market while also helping his competitor, our community, exceed even their biggest aspirations of 2005.
Stevens' projections turned out not only to be completely accurate, his patience and willingness to prove his case has put his company on top of the market while also helping his competitor, our community, exceed even their biggest aspirations of 2005.


Amazingly, Stevens believed enough in the vision of the Diamond Jo team and the ability
Stevens believed enough in the vision of the Diamond Jo team and the ability of the community to adapt and grow that he made possible nearly $100 million dollars of additional revenue flow to the [[DUBUQUE GREYHOUND PARK AND CASINO]] while he waited for his vision to unfold.  
of the community to adapt and grow that he made possible nearly 100 million dollars of
additional revenue to flow to the [[DUBUQUE GREYHOUND PARK AND CASINO]] while he waited for his vision to unfold. His waiting wasn’t idle however as he leveraged the knowledge and experience of his Dubuque team to launch initiatives in North Iowa and Louisiana. By the time the Diamond Jo’s turn came again in Dubuque, Peninsula Gaming had the resources and further experience to create one of the premier gaming destinations, live music venues, and entertainment centers in the Midwest.
 
In 2010 the Diamond Jo again returned to the top of its market, this time in cooperative competition with the now named Mystique Casino, using tools like the PlayDubuque.com campaign to help both casinos continue to grow. The sheer size and scope of Steven’s original gamble on Dubuque and his bigger 2005 gamble is unprecedented in our community’s history.


After facing the doubts of the community, Stevens’ further actions are also quite remarkable. In 2008 he not only invested heavily in the new Dubuque casino, his team took all that they had learned and made the Diamond Jo the flagship of his operations. He then went one step further and offered to assist the same community that had doubted his vision, by funding the additional $25 million dollars in bonds to make possible the new City owned parking facility that was key in matching the second Vision Iowa Grant for America’s River 2.
In 2010 the Diamond Jo again returned to the top of its market, this time in cooperative competition with the now named Mystique Casino, using tools like the PlayDubuque.com campaign to help both casinos continue to grow.  


Steven's choice to invest multiple times in Dubuque, his work to make Dubuque his corporate
In 2008 he not only invested heavily in the new Dubuque casino, his team took all that they had learned and made the Diamond Jo the flagship of his operations. He then went one step further and offered to fund the additional $25 million dollars in bonds to make possible the new City owned parking facility that was key in matching the second Vision Iowa Grant for America’s River 2.
headquarters, and his unwavering belief in the values and the strength of his team have lead to not just millions, but hundreds of millions of dollars in revenue for our community.


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Revision as of 00:07, 7 April 2019

Photo courtesy: 365ink

STEVENS, Brent. Los Angeles, CA, 1960-- ). CEO of Peninsula Gaming. Brent Stevens was raised as one of four children by a single working mother. Swimming was his only route to college and a scholarship allowed him his chance at a degree. That degree lead to yet more study and an MBA from the prestigious Wharton School.

While doing trend analysis, Stevens noticed a set of trends in the gaming and entertainment market that caught his attention. He then had the idea that if these trends were true and the right kind of community could be found to support this kind of gaming project he had in mind, there may be a great opportunity.

With the December, 2010 vote by the Kansas Gaming Board, awarding a 5th gaming license to Peninsula’s existing four successful properties, the company was poised to have nearly 3000 employees with 50 at their corporate headquarters in Dubuque.

By 2004 the DIAMOND JO CASINO was the clear market leader in Dubuque, outpacing the Greyhound Park & Casino by nearly 10% annually. However, by 2005 the regional market began to flatten and Stevens and his team realized that the only way to grow was to invest. While Stevens assured community leaders that the analysis showed clearly that in the end both casinos would come out the winner, many local leaders doubted his projections and momentum in either casino's ability to invest faltered.

Stevens' projections turned out not only to be completely accurate, his patience and willingness to prove his case has put his company on top of the market while also helping his competitor, our community, exceed even their biggest aspirations of 2005.

Stevens believed enough in the vision of the Diamond Jo team and the ability of the community to adapt and grow that he made possible nearly $100 million dollars of additional revenue flow to the DUBUQUE GREYHOUND PARK AND CASINO while he waited for his vision to unfold.

In 2010 the Diamond Jo again returned to the top of its market, this time in cooperative competition with the now named Mystique Casino, using tools like the PlayDubuque.com campaign to help both casinos continue to grow.

In 2008 he not only invested heavily in the new Dubuque casino, his team took all that they had learned and made the Diamond Jo the flagship of his operations. He then went one step further and offered to fund the additional $25 million dollars in bonds to make possible the new City owned parking facility that was key in matching the second Vision Iowa Grant for America’s River 2.

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Source:

(This entry first appeared in 365ink-January, 2011) "Brent Stevens, CEO of Peninsula Gaming," 365ink, January 2011

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