When Ray Neilsen resigned as chairman of the board of Ameristar Casinos last month, it ended a long run of family involvement that began when his grandfather of the same name took control the company in 1967, when it controlled Cactus Pete’s at the California-Nevada border. When Craig Neilsen took control following the death of his father, he ran the company until his death in 2006, after surviving a devastating auto accident that crippled him in 1985.

Board member Luther Cochrane was named chairman of Ameristar. CEO Gordon Kanofsky resigned as vice chairman, but remains a board member. The changes come less than a month after the company purchased 26 million shares from the estate of Craig Neilsen at $17.50 a share. The $457 million purchase represents about 45 percent of the company’s equity. The estate retains a 17 percent ownership in Ameristar.

 Ray Neilsen will devote his time to the family charity that is dedicated to research into spinal cord injuries.

By GGB Staff

Staff writers for Global Gaming Business magazine. Las Vegas, Nevada.