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.
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.