Barron Hilton (born 1927), son of the founder of Hilton Hotels, became head of the company in 1966. Disparaged by some as the lucky son of Conrad Hilton, he led the company into the gaming industry and was one of the first in the hotel industry to use management leaseback deals.

Conrad N. Hilton bought a small Texas inn in 1919. From that purchase grew the Hilton Hotels Corporation. Hilton's philosophy about the hotel business was that no hotel should be built unless there was a need for it. Once need was determined, the right location had to be chosen and construction had to be financed in a conservative manner. Conrad Hilton's sons, William Barron (known as Barron), born on October 23, 1927 in Dallas, Texas, and Eric, born in 1930, followed their father into business.

In 1959, Conrad Hilton started the Carte Blanche credit card business, with Barron Hilton in charge. The company lost...