One of the early pioneers of the Atlantic City gaming industry died last week. Richard Gillman was involved in one of the first IPOs for a slot manufacturing company when he helped Bally Manufacturing go public. The company later branched out into casino operations, which Gillman controlled. At one point Gillman oversaw several casinos in Atlantic City, Las Vegas and Reno.
He was instrumental in the development and operation of Bally’s Atlantic City in 1980. He was known for efficient operations and the respect of his employees. In 1987, Gillman bought the Golden Nugget in Atlantic City from Steve Wynn. Donald Trump was in the running to buy the Golden Nugget at the time, but since he already owned two Atlantic City casinos—Trump Plaza and Trump’s Castle—he was prohibited from buying a third. Bally purchased it from Wynn for $440 million, which Wynn then used to build the Mirage in Las Vegas. Then known as Bally’s Grand, it later became the Atlantic City Hilton, then the Atlantic Club before closing in 2014.
Gillman retired in 1996 and still retains the title of the longest-serving CEO in Atlantic City gaming history.
