Logout

Question of the Day - 03 November 2005

Q:
With Binion's now, and Imperial Palace about to be, owned by Harrah's, are there any casinos left in Las Vegas that are family-owned?
A:

This is an interesting question, which has a number of different interpretations, depending on what you mean by "family owned."

For example, a highly liberal interpretation might include MGM Mirage in "family owned," given that Kirk Kerkorian owns a majority of the stock in the company. Station Casinos, likewise, could be considered family owned, since the Fertittas control much of the stock and management. However, both examples stretch the definition a bit.

Another interpretation might be individually owned, i.e., non-corporate-owned, casinos. The El Cortez, for example, is owned lock, stock, and keno by Jackie Gaughan. Fitzgeralds is owned by Don Barden. Stratosphere and the Arizona Charlie's are owned by Carl Icahn. Ellis Island is owned by Gary Ellis. The Silverton is owned by Ed Roski Jr. The Golden Gate is owned by Mark Brandenburg. The Klondike is owned by John Woodrum. Wynn Las Vegas is owned by Steve Wynn. In this case as well, however, it's rare that individuals own their properties 100%; Wynn Las Vegas, for example, has at least one major partner (Kazuo Okada). And even then, how much the owners' families are involved is questionable.

So, with Binions and Imperial Palace (the Engelstads) out of the mix, which family-owned casinos remain in Las Vegas? Casino Royale is owned by Margaret Elardi and is run by her son Tom. And the Palms is owned by George Maloof, though his brothers help out with chores here and there.

But for true family-owned casinos, you've got to look north to Reno. The Eldorado and half of Silver Legacy are owned by the Caranos; patriarch Don Carano and his third wife, Rhonda, along with sons Gary, Greg, Gene, and Glenn, all work at the casinos. In neighboring Sparks, John Ascuaga still owns and operates the Nugget, with full-time help from his daughter Michonne, the CEO (one of the few women in charge of a Nevada casino), and son John Jr.

No part of this answer may be reproduced or utilized in any form or by any means, electronic or mechanical, without the written permission of the publisher.

Have a question that hasn't been answered? Email us with your suggestion.

Missed a Question of the Day?
OR
Have a Question?
Tomorrow's Question
Has Clark County ever considered legalizing prostitution?

Comments

Log In to rate or comment.