Downtown Las Vegas Events Center to Shift from Live Events and Become Parking Lot

^{The Downtown Las Vegas Event Center during the Holoholo Music Festival in April 2025. (Photo: DLVEC via Facebook)}

LAS VEGAS — The Downtown Las Vegas Event Center (DLVEC) has been a long-time entertainment staple in the Fremont Street area of downtown Las Vegas for more than a decade. But that chapter will soon come to a close with last week’s announcement that DLVEC will transition away from large events to operate as a parking lot. 

The open air venue, located on Third Street, is co-owned by Derek Stevens. He and his brother Greg Stevens also happen to own Circa, Golden Gate, and The D, some of the biggest casinos in the downtown area. While the DLVEC’s team has said that the change to the venue is more of a shift rather than a full closure, the decision has led to disappointment from music fans and Vegas eventgoers who say the change could permanently alter the area’s entertainment offerings.

The End of an Era for Downtown Events

Originally a surface parking lot, the space was transformed into the Downtown Las Vegas Event Center in 2014 and quickly became a popular hotspot for concerts, music festivals, sports viewing partiesarties and special events in downtown Las Vegas. With a capacity of up to 20,000 people, the venue hosted more than 100 events in 2025, including Neon City Festival, Jackpot Festival, and concerts for artists like Carlos Santana and Matchbox Twenty.

Today, only three events remain on DLVEC’s current schedule: two in February and one final event in April. DLVEC’s team has said the space may still host occasional large-scale events in the future, but no timeline has been provided for the parking conversion or how much of the site will be affected.

In a statement, DLVEC cited growing parking demand as the primary reason for the change.

"As the neighborhood continues to grow, the demand for accessible, everyday parking has become a pressing need for locals and visitors,” the statement said. “To ensure this space benefits the community year-round, we’re transforming a portion of the venue into a well-lit, clean, and convenient self-parking lot."

Ironically, Derek Stevens himself previously promoted the venue as a downtown alternative to expensive Strip events. As recently as last November, he promoted the Neon City Festival as a free, accessible music option outside the Strip’s expensive Formula One events. But it seems that the steady revenue of parking fees was a bigger gain compared to the financial risks of live events.

Where Live Entertainment Falls Short

For many attendees, DLVEC was a big part of a downtown Las Vegas exploration journey and helped to support foot traffic into nearby casinos. The location made it close to nearby casinos so guests could regularly flow in and out of Circa, The D, Golden Nugget, and other Fremont Street properties to grab drinks, use restrooms, or get a bite to eat.

But from an operational perspective, the logic in the shift is understandable. Live entertainment comes with additional costs like rising artist booking fees, show production costs, staffing, security, and the undeniable weather-related risks for outdoor shows. One underperforming festival or concert can erase the profit from ticket sales, food and beverage, or merchandise. 

A promoter and DJ who has worked several shows at DLVEC said the economics of live events can be unforgiving.

“It’s really hard and expensive to just open doors, so I can see why it’s turning into a parking lot.” said DJ RUDA. “Everyone is so used to waiting until the day of a show to try to get on guest lists, which hurts the overall business. But a quarter-million dollars into a lineup and 10,000 people will come. But they've let one [owner] monopolize things, which is why they're even in that predicament in the first place.”

On the other hand, parking provides steady revenue for a corridor dominated by crowds who come for special events or to visit a casino. 

Change in Las Vegas Often Comes with a Cost

Many longtime attendees were frustrated about the loss of such a valued entertainment venue in downtown Las Vegas. That sentiment has fueled a petition urging the Stevens brothers to reconsider the decision. While the likelihood of it leading to real change appears slim, it highlights just how important DLVEC has become to downtown Las Vegas’s entertainment scene.

"While I understand they feel like it needs to happen, there should've been a plan in place for the new venue before converting it. It's also unclear and I think that's why we're so upset about it." said Alex Gialona, another regular event attendee. 

The decision is just a piece of the puzzle when it comes to Derek Stevens’ track record of reshaping downtown Las Vegas. Since acquiring the Golden Gate in 2006 and later expanding with The D and Circa, Stevens has played a major role in modernizing Fremont Street. 

He is one of the few remaining "casino moguls" with a collection of properties worth over $1 billion and he can say he owns the largest sportsbook in the world at Circa. The casino’s debut in 2020 completely altered the skyline of downtown Las Vegas, and the high-tech Garage Mahal parking structure stands far above other parking options in the area with its bright lights and modern design. Stevens has made other business decisions for his properties that have raised eyebrows, including removing the dancing dealers from Golden Gate Casino.

In that context, replacing an event-driven venue with a revenue-stable parking garage makes financial sense. Just as old casinos get demolished to make way for new ones, business owners will forgo one venture for another more profitable one. While parking may offer more consistent returns than live entertainment, the loss still stings for a community that watched the venue help add to Fremont Street's story in Las Vegas over so many years.