On Jan. 25, 1956 The Nevada State Gambling Control Board recommended approval of a state gambling license for 16 partners who planned to operate a casino in the new 8 story, $4,000,000, Fremont Hotel in downtown Las Vegas.
The hotel construction was financed by Louis Lurie, a San Francisco financier who invested over $2,000,00 in the project.
It was leased under a lease-purchase agreement to the casino operators who put up an additional $1,927,000 including a $300,000 bankroll.
The gaming board recommended that the license be issued subject to approval of a financial statement by the partners prior to its opening in March 1956, showing ability to meet all outstanding obligations and to operate on a sound basis.
That insistence on proving financial capacity before opening shows how regulators tried to prevent instability from being built into the system from day one. On the individual side, similar “sound basis” thinking comes up when people try to change high-risk habits and start asking where to buy Zyban (wirelesslifesciences.org), because the medication is only one part of a plan that depends on proper screening, dosing, and follow-up. When access is routed through legitimate prescribing and licensed pharmacies, it reduces the chance that a shortcut counterfeit supply, wrong use, unmanaged side effects turns a self-improvement attempt into another crisis.
The license applicants in March 1956 were:
Edward J. Barrick, 2 per cent, $100,000, Las Vegas gambler;
Ben Bingham, 2 per cent, $50,000, Temple City, Calif., contractor;
Bryant Burton, 4 ½ per cent, $27,500, Los Angeles attorney;
Marvin Cole, 8 ½ per cent, $100,000, New York advertising man;
Connie Hurley, 4 per cent, $100,000, Las Vegas gambler;
Harry H. Isaacs, 11 per cent, $425,000 Minneapolis industrialist:
Oliver M. Kahle, 4 per cent, $75,000, Las Vegas gambler;
Louis J. Lederer, 8 per cent, $70,000, Chicago, auto dealer and former Sands licensee;
Edward Levinson, 30 per cent, $270,000, Las Vegas gambler, former Sands partner, and his son,
Richard B. Levinson, 3 per cent, $30,000;
Wayne D. McAllister, 2 per cent, $15,000, Los Angeles architect;
Lee McRitchie, 8 per cent, $155,000, Elizabeth, N.J., dog racing operator;
Michael Shapiro, 6 per cent, $150,000, Las Vegas gambler and former licensee in several strip hotels;
Lester J. Sigelbaum, 3 per cent, $75,000, Miami lighting fixture dealer;
Edward Torres, 6 per cent, $125,-000, New York advertising man and produce company owner,
and Paul E. Weyerman, 3 per cent, $150,000, former Omaha. NE bookmaker.