Louisville's Prime Lounge has been around for only two of the Kentucky Derby's 136 years, but Joey Wagner's nightspot quickly has become almost as embedded in the race-week scene as Churchill Downs. In next week's run up to the "most exciting two minutes in sports" on May 1, Prime Lounge and Wagner will be hosting events nightly, culminating with Greenhouse and Grey Goose Presenting the Playboy Celebrity Lounge with DJ Vice on Derby Eve. Yet on a sunny afternoon, two weeks before the busiest part of his year, the 31-year-old Louisville-native was in shorts and sneakers, reading the paper at a sidewalk table in front of his lounge that still needed to be cleaned up from the night before.

Point of origin: I played baseball in college at Morehead State University, so while all of my teammates were going to play in the summer leagues, I was going to New York to act and model. A lot of my buddies in New York City were doing nightclub promotions. So I was a 19, 20-year-old kid--couldn't even get into the clubs--but I was out on the streets handing out flyers and meeting girls and getting numbers and inviting them to the parties and putting them on lists. I was a promoter for about 10 years. It got to the point where, hey, instead of me making all of the money for the bar, why don't I see about finding a property and having my own bar and lounge? I got with one of my silent investors, and we found a space.

On quickly becoming a hot spot for Derby parties: We just started getting involved with the right players. Our company has helped market events for Maxim , Stuff and Playboy. Working with [established Derby parties] the Mint Jubilee and the Grand Gala, we were doing more of the networking and the marketing. And then we'd throw parties with those types of companies, helping them get hot girls, good clientele and celebrities. I've been lucky enough to have a lot of celebrity friends from the sports and entertainment world. They like coming in for the Derby. Once you get them in here the first time, you get them hooked and they want to come every year.

On getting celebs to Prime Lounge: We bring in the hottest DJs that these celebrities and these athletes recognize from places where they go to Vegas and LA and New York and Miami. We partner up with sponsors like Grey Goose, Brown Forman and Fiji Water; big brands that people recognize. This year, we partnered up with Greenhouse in New York. They're going to be our partner for Friday night and for Saturday. You get people wanting to know where the hot spots are, and our reputation over the past couple of years has been known for throwing the hottest parties. Now that we've done this for so long, I've become friends with all of the celebrities. So now when I go to New York and LA and Miami, I get to hang out with them and party with them. And then when they come back here for Derby, they return the favor and show up to my club, come to the parties.

On winning big with Michael Jordan: Probably four or five years ago we were at this Stuff magazine party I was doing at Jillian's and had Robby [Albarado, an elite jockey and friend of Wagner's] out with me. Robby had this horse in the Woodford [Reserve Turf Classic] race, the race before the Derby, called American Alive. He was telling Michael Jordan, Usher, Jermaine Dupri, "Listen. I got this horse tomorrow, it's going to go off on great odds. I'm telling you, go heavy on it. Put the money on it; put your house on it." We all went heavy on it and it was dead last coming around the fourth turn. I'm like, "Oh, my God. What's Robby doing to me?" And then on the straight away on the back side he shot to the front and won. He went off at 17:1, and I think between me and all my friends, and then Jordan, it was over $100,000.

Humblest celeb hosted: Last year my buddy called me, he's like, "Hey, Michael Phelps needs a table at the club on Saturday night." Got him set up. About 11:30 my phone rings, it's Michael Phelps. He's like, "I'm on my way to Prime; you've got a table for me?" I was like, "Yeah, I've got the front cleared out for you. Just have your police officer drive right up front, park you. We'll walk you right in." He's like, "Dude, I'm in a cab with my boys. I'm just on the way." He was one of the coolest, most humble people I've ever met. I took him up to my owner's suite. He called me five minutes later, "Man, I'd rather go down on the floor with the regular people."

Go-to places when back in New York: I love staying at the W in Times Square. My favorite restaurant is probably Angelo & Maxie's. It's a really cool seafood/steak place up there. And then Tao, of course. Club-wise, obviously Avenue, Marquee , Greenhouse, of course. The place is gorgeous.