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A prominent University of Michigan alum could stand to make $1 million if his Wolverines advance to the championship and win it all on Monday night.
Michigan graduate Derek Stevens, the CEO of the D Las Vegas Hotel & Casino, placed a $25,000 bet at 40-1 odds on Michigan before March Madness began, and now that bet is two wins away from producing a pay day he wouldn't soon forget from the Golden Nugget.
#OneStepCloser for @umichbball Thanks to @GoldenNuggetLV and my friend @TilmanJFertitta for taking the action. We’re going to have a lot of fun in Downtown #LasVegas #MarchMadness @theDlasvegas @GoldenGateVegas @FSELV #DTLV #40-1 pic.twitter.com/QbUUEN3KeJ— Derek Stevens (@DerekJStevens) March 18, 2018
Stevens is already riding quite a wave of momentum as a Michigan alum, especially after both the 1 and 2 seed in Michigan's region took early NCAA Tournament exits. But it appears he's considering hedging the bet.
Stevens posted a poll on Twitter and a very slim majority of people -- 51%, in fact -- think he should let it roll rather than hedge.
If Stevens does let it ride and wins, he told the Detroit Free Press he already has plans for how he wants to spend his million dollar check.
"I'm re-investing it in building a new casino in downtown Las Vegas," Stevens said. "I have the Golden Gate Hotel and Casino and I have the D Las Vegas, which a lot of people from Detroit come to watch Tigers or Pistons. I'm in the process of building a third casino."
If Michigan wins and Stevens lets it ride to the end, his $1 million payout would represent the biggest loss in Golden Nugget Las Vegas' history. According to a press release, the Golden Nugget Las Vegas has never made a payout larger than $100,000.
SportsLine's computer projection modelto win it all.