Ralph Engelstad
| Ralph Engelstad | |
|---|---|
| Born |
Ralph Louis Engelstad January 28, 1930 Thief River Falls, Minnesota |
| Died | November 26, 2002 (aged 72) Las Vegas, Nevada |
| Cause of death | lung cancer |
| Known for | owner of the Imperial Palace |
Ralph Louis Engelstad (January 28, 1930 – November 26, 2002) was the multi-millionaire owner of the Imperial Palace casino-hotels in Las Vegas and in Biloxi, Mississippi. He also owned the Kona Kai motel in Las Vegas, which later became the Klondike Hotel & Casino. He was also the donor for the construction of the $104 million Ralph Engelstad Arena for his alma mater, the University of North Dakota in Grand Forks, North Dakota, and another arena bearing his name in Thief River Falls, Minnesota. Engelstad was also a co-developer of the Las Vegas Motor Speedway. Engelstad was one of the very few independent casino-hotel owners in Las Vegas.
Engelstad was born on January 28, 1930, in Thief River Falls, Minnesota. He was one of five children born to Christian and Madeline (Thill) Engelstad. His grandfather was a Norwegian immigrant.
During high school, Engelstad worked a summer job at AGSCO farm supply company, where his father was a salesman. In 1954, he graduated from the University of North Dakota with a degree in Business. He married Betty Stocker later that year. Shortly thereafter, he founded his own construction company: Engelstad Construction.
Engelstad became a millionaire at the age of twenty-nine. He had hoped to become a millionaire by the age of thirty. In 1959, he moved to Las Vegas, Nevada, where his construction company had secured government contracts to build FHA homes.
In 1965, he purchased the Thunderbird Field airport and later acquired vacant land nearby. In 1967, he sold 145 acres, including the airport, to billionaire Howard Hughes for $2 million. Engelstad used the money to purchase the Kona Kai motel on the Las Vegas Strip. He sold the motel in 1975 for $1.2 million.
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