Feature Story
The Right Stuff, or Jackpot Junction?
Written by Frank Rosenthal on September 17, 2001
The current World record for a one-armed bandit payout stands at $34,955,489.56. Over the course of my 20-year career in Las Vegas, and for many years thereafter I met and interacted with a number of unique winners that should be noted for having The Right Stuff while striking it rich. I've met Presidents, a Prince or two, many of the revered Hollywood icons, and an array of brilliant entrepreneurs from various walks of life. I've also worked hand-in-hand with thousands of ordinary people searching for the ultimate dream! Striking it super-rich in the Silver State. Three such individuals exemplify a plateau that is both arduous and highly elusive to achieve in dreamland or the Las Vegas Dessert.
The "shortstop" in the elite group of multi millionaires is the current Mayor of Las Vegas. Oscar B. Goodman, a native from the City of brotherly love. From Philadelphia, the "Big O" migrated into Sin City in the late 60's, with a degree in Jurist Prudence and a dream. I became one of his very first clients, and ultimately one of his closest confidantes. When the Nevada Gaming Commission arbitrarily denied me a work-card in 1971 it was Oscar who successfully came to my defense and retrieved my work permit. Subsequently, that same Commission without the slightest degree of due process of law shot-down my application to be licensed as a "key employee" for the second largest gaming entity in the State. Once again we filed an appeal to the District Court. 
Thirteen months later Oscar's petition prevailed and overturned Nevada's powerful Gaming Commission. The Nevada gamers headed by "Peter the Czar Echeverria" went ballistic and filed an emergency motion before the Nevada Supreme Court asking the Supremes to "stay the order." They refused, and I went back to work in my former capacity as the CEO of the Argent Corporation, a publicly traded company which held four casinos and three hotels. The big O was on a roll, and his reputation as a constitutional and criminal attorney brought him both fame and fortune. His practice was in full bloom while attracting some of the most highly publicized cases throughout the Country. He invested conservatively and wisely. Today he enjoys unparalleled popularity amongst a formidable constituency that no longer can be looked upon as popcorn voters with little if any political muscle. Next stop for the Las Vegas Mayor would appear to be Carson City, and the Governors Mansion. The early line/odds indicate that the Mayor may very well be the favorite in a short field. Estimated wealth a cool $100 million.
I was introduced to Paul Lowden, in 1974 by my former employer Allen R. Glick, a decorated Vietnam combat helicopter hotshot from Pennsylvania who began his professional career in Southern California as a land developer, and subsequently entered the gaming industry by acquiring the Stardust, Fremont, and Hacienda Hotel Casinos in spectacular fashion. Paul Lowden enjoyed a close personal relationship with Mitzi Briggs, a chemical heiress who held 51 percent of the Tropicana Hotel Casino in 1975, and soon there after became destitute due to an array of major errors and indiscreet alliances. Paul was bright, charming, and ambitious. His claim to fame, the pearly keyboards, and a high degree of trained humility. An astute piano player Paul began to blend himself into the right circles. When Allen Glick decided to divest the Hacienda, Paul entered into the very competitive bidding as an outside long shot up against several syndicates with established and experienced portfolios. Ironically, our chairman Allen Glick decided that as his CEO it would be my responsibility to perform and submit the due diligence required before selecting the hopeful buyers. It was an important, delicate and challenging task. The prerequisite was basically fundamental. Fiduciary stability, and management skills were essential, but not necessarily restrictive. In spite of Paul's inexperience his projections and business plan appeared to be sound. Additionally, Paul befriended a group of several influential and well-known local and State politicians that became part of his entourage. Unbeknown to most Paul had an excellent talent for business administration and creative financing. 
My vote went to the underdog, and our chairman concurred that Paul would best be suited to accept the Crown. The Hacienda became Paul's first "Grand Trophy," and he personally thanked me with a very gracious, "I'll never forget what you've done for me." He then went on to acquire the Sahara Hotel Casino. Next it was the Santa Fe Hotel Casino a property that he would ultimately sell to Stations Casino Inc. for $205 million. The "Right Stuff," you be the judge? Today Paul's estimated wealth ranges from $250 to $300 million.
Carl Thomas, a Kansas City Native with a smooth southern drawl moved to Las Vegas in the late 1950's, and quickly became recognized as a future Casino Star. Carl introduced me to Frank Fertitta, as "my main guy," and his right-hand man. Frank became the President of Allen Glick's Fremont Hotel Casino at the recommendation of Carl Thomas during my temporary absence from the industry while I was awaiting the outcome my appeal versus the Nevada Gaming Commission. When I regained my former position as the CEO of all properties under the "Argent" Allen R. Glick Enterprises umbrella Frank and I became more interactive. Frank had gained a solid reputation as a topnotch casino executive who understood the games with a high degree of professionalism. After several private meetings and close personal observation I too agreed that Frank was well suited to operate the second largest Casino in the downtown area.
However, one early morning in 1975 I received a call from a Fremont "Pit Boss," who I had known for several years. Willie Williams who formerly worked at the Stardust, notified me with absolute certainly that we "got scammed on the Graveyard shift from the inside." Within a few short hours, and several pointed interviews it was clear beyond the slightest doubt that Willie's detection was right on target. A cooler prearranged decks had been placed into a 21 shoe! Later that afternoon I met with Frank and advised him, "we got nailed from the inside for about $50,000." Frank was unwilling to accept the results of two confessions and a convincing if not thorough internal investigation. Those responsible for maintaining the integrity of the casino at the executive level were Frank's handpicked personnel. I made it abundantly clear that several terminations had to be acted upon quickly. 
Frank's position was simple and clear. He asked if he could have a few hours to check things out, and further stated that in the unlikely event that the scam took place he intended to tender his resignation forthwith! I reminded him that none of us including our chairman considered him to be responsible or culpable in any way. Two hours latter Frank returned to the Stardust and surrendered. "You're right, it did happen, here's my letter of resignation. I tried to change his mind. He wouldn't have it any other way. During the course of the next several years Frank with assistance from Carl Thomas forged an imposing empire. Soon thereafter Carl Thomas died when his car ran off a winding road in the mountains of Oregon! In 1976 Frank opened the Bingo Palace, ultimately renamed Palace Station. Next came Boulder Station, then Texas Station, Barley's and Sunset Station. Frank was driving hard on course to become a behemoth within the gaming industry. In 1998 he purchased King 8, renaming it The Wild, Wild West. Next came the Santa Fe and Fiesta casinos. Frank acquired 49 acres near Jackie Gaughn's Suncoast, with future plans to build on other parcels at Craig Ranch Station and Martin Luther King Road. Frank decided he had enough and retired into the sunset. Some guys always seem to windup with all the dirty work. Estimated wealth $1Billion!
Next: A close up inside view of Steve Wynn's fame and fortune!
Good Luck, Frank Rosenthal