Nevada casino pioneer Pennington dead at 88

RENO -- William Pennington, a pioneer in Nevada's casino industry who helped build the Circus Circus empire, has died in Reno. He was 88.

Listed for years among Forbes 400 richest people in America, Pennington gave millions of dollars to education, medicine and other charities through his foundation. His death at home Sunday was confirmed by his family.

Reno Mayor Bob Cashell recalled Pennington as a great leader who was also very generous.

"He was a good, tough businessman, but very caring," Cashell told the Reno Gazette-Journal. "He loved this place."

Pennington and business partner William Bennett acquired Circus Circus in Las Vegas in 1974. They were credited with transforming the resort and ultimately Las Vegas into an entertainment center for all ages.

The pair opened another Circus Circus in Reno in 1978 and later extended the Strip south with construction of the Excalibur, Luxor and Mandalay Bay. The Excalibur was the largest hotel in the world with more than 4,200 rooms when it was completed in 1990.

Pennington grew up in California, where he played football for the University of California, Berkeley, until he was sidelined by a knee injury. He put off graduation when he joined the Army Air Corps to serve as a bomber pilot in World War II.

Pennington moved to Reno in 1962 to make it big in the oil drilling business. He soon turned his attention toward the gambling industry instead.

He started by designing and building electronic gaming devices in the late 1960s. After Circus Circus began producing large profits in the 1970s, Pennington and Bennett added a second hotel tower to the casino.

Bennett and Pennington took over Circus Circus when it was bleeding red ink and turned it into a money machine, according to "The First 100," a local book published in 1999 that profiles people who had a major impact on Las Vegas.

They showed Las Vegas how to cater to a Middle American family market, establishing the trend that dominated the casino industry for two decades. The company they took public started Wall Street's love affair with casino stocks, "The First 100" noted.

Meanwhile, the partners took the stock public on Oct. 25, 1983, at $15 a share, and it hit $16.87 before closing on its first day, the book also noted.

Pennington formed the William N. Pennington Foundation in 1989. He wrote at the time: "Having grown up in the Great Depression, when my family faced difficult times, I know very well the hardships that can befall anyone at any time."

His charity work was focused mostly in Reno, where he provided scholarships to local college students and donated money to area schools and medical centers.

"He was a huge supporter of the university," said Dan Klaich, chancellor of the Nevada System of Higher Education. "We have the new Pennington Medical Education building, which I think it will revolutionize the way we teach medicine. That building simply could not have happened without the gift from Mr. Pennington."