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The son of a plumbing contractor and banker from Ogden, Utah, Thomas came to
Vegas at a time when the only way casinos could expand or be built was through
their own piggy banks. In the true Vegas spirit, where others saw risk, Thomas
saw a glowing opportunity. At the Bank of Las Vegas, Thomas was ready and
willing to lend money to casino developers when other banks wanted nothing to
do with gaming. These risks rewarded Thomas and his partner Mack with a
whopping return on their investment. Plus, for over 20 years, they were the
only game in town; as the casino industry grew, they grew with it. Along the
way, Thomas is credited with lobbying the state legislature to allow small
investors to buy shares in gaming corporations without holding a gaming
license. So if you own stock in MGM Mirage, Park Place or any other gaming
corporation, you can thank -- or curse -- Parry for clearing the way.
Need further proof that Thomas was the money man? How about the fact that
Howard Hughes used E. Parry as his front for most of his
Vegas acquisitions, which included six casinos and acres of land along the
Strip. Thomas's extensive knowledge of the holdings in Hughes's estate also
kept him in good stead as the man who guided Steve Wynn's
career as well.
It wasn't only the gaming industry that benefited from Thomas's financial
acuity, however. Sensing that land costs surrounding the University of Nevada
Las Vegas would climb out of reach of the university's budget, he and Mack
formed the Nevada Southern University Land Foundation which allowed UNLV to
purchase the land at cost whenever money was available.
Thomas and Mack's Bank of Las Vegas eventually became Valley Bank of Nevada,
which was purchased by BankAmericorp in 1992 with $630 million in loans
outstanding to gaming companies. Not bad for a kid from Utah.
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