When Eureka Casino Went All-In on Its People
I still remember the announcement back in 2016. Our radio station was working with Eureka Casino at the time, and after months of whispers and speculation, they finally revealed it: Eureka was now “completely employee-owned’. The first casino in the nation to take that leap.
I’ll admit, I was impressed. It felt bold, even visionary. But I also realized something—I didn’t fully understand what it meant for the people who worked there. I wished I had known enough to ask the right questions. What did “employee-owned” really mean for the dealers, the housekeepers, the cooks, the front desk staff?
What Employee Ownership Looks Like
Eureka chose the Employee Stock Ownership Plan (ESOP) model. Here’s how it works in practice:
– When someone is hired, they begin accruing shares in the company through the ESOP trust. – If they retire or move on, the company buys back their shares at fair market value. That means they don’t just walk away with memories—they walk away with money tied to the success they helped build. – The fortunes of the casino and its employees are intertwined. If the business thrives, so does every worker-owner…