E. Parry Thomas
| E. Parry Thomas | |
|---|---|
| Born |
June 9, 1921 Ogden, Utah, U.S. |
| Died | August 26, 2016 (aged 95) Hailey, Idaho, U.S. |
| Residence | Hailey, Idaho, U.S. |
| Occupation | Banker |
| Spouse(s) | Peggy Thomas |
| Children | 5, including Roger Thomas Peter M. Thomas Tom Thomas Jane Thomas Steven Thomas |
Edward Parry Thomas (June 29, 1921 – August 26, 2016) was an American banker who helped finance the development of the casino industry of Las Vegas, Nevada. Along with his business partner, Jerome D. Mack, he is credited with building Las Vegas into what it is today.
Thomas was born on June 29, 1921 in Ogden, Utah. He was raised in The Church of Jesus Christ of Latter-day Saints (LDS Church). His father was a plumbing contractor who later became a banker. During World War II, he served in the United States Army as an intelligence operative.
Thomas started his career at the Continental Bank & Trust Co. of Salt Lake City. It was owned by Walter E. Cosgriff, who also owned a stake in the Bank of Las Vegas, whose Chairman was Nate Mack. The Bank of Las Vegas was the first bank to lend money to casinos in Las Vegas. Its first loan was to Milton Prell, who used it to build the Sahara casino.
Later, Jerome D. Mack replaced his father as Chairman. Meanwhile, in 1961, shortly after Cosgriff's death, Thomas became its President. He facilitated loans from the Teamsters Central States Pension Fund to Las Vegas casinos. In 1968 the bank merged with Valley Bank of Reno and changed its name to the Valley Bank of Nevada. Thomas and Mack also invested in real estate in the Las Vegas area, with Thomas acting as a buyer for Howard Hughes. Later, they also lent money to Steve Wynn. The bank was eventually acquired by Bank of America for about US$380.5 million in 1992.
Thomas was a Republican. With Jerry Mack, Thomas lobbied state legislator Bill Harrah as well as former Governors Grant Sawyer and Paul Laxalt to pass two acts legalizing the corporate ownership of casinos. They were known as the Corporate Gaming Acts in 1967 and 1969. According to Mack's daughter Karen, this put an end to corruption in Las Vegas, as it enforced more regulations and disclosures for the U.S. Securities and Exchange Commission.
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