Richard S. Worthington has served as president & chief operating officer for Paradise Development Company and The Molasky Group of Companies since 1998. Worthington is responsible for providing leadership and management to the overall operations of a highly diversified and prolific family-owned real estate firm that has been at the forefront of the industry for more than 65 years.
During his tenure as president of the company, Worthington has initiated or completed construction on nearly $1.9 billion in projects including 2750 multi-family units, 1.1 million SF of retail, 2 million RSF of Class A office space, the 84-unit-$145 million Park Towers luxury condominium project, 17-story Molasky Corporate Center- Nevada’s largest LEED Gold certified office building, $40 million in aviation facilities, the first 400-bed re-entry facility for the Department of Corrections for the State of Nevada, as well as a 1,078-bed detention center which the company leases to Clark County and the Las Vegas Metropolitan Police Department.
Worthington led the company as it made a strategic change in the way it had been doing business for more than 50 years. Through Public Private Partnerships, the company aligned with federal agencies to design, build and lease large scale facilities for the National Personnel Records Center for the National Archives and Records Administration, six field offices for the FBI serving Boston, Milwaukee, Minneapolis, Cincinnati, San Diego, Cleveland and Portland, Oregon and medical clinics for the Department of Veterans Affairs. He is currently overseeing the construction of $372 million in multi-family projects in the Pacific Northwest and California.
Worthington has worked with the Molasky family for more than twenty years on various projects, including serving for six years as senior vice president, and later, president of Ritter Ranch Co, an affiliated company to Paradise Development and the developer of an 11,500 acre, 7,200 unit master-planned community located in North Los Angeles County.
Prior to relocating to Las Vegas, Worthington owned an independent real estate consulting firm based in Los Angeles. Former notable clients included Robert E. Peterson/Peterson Publishing; Bankers Trust Co.; CalPERS; Merv Adelson; Deutsche Bank; East West Capital Associates; gaming executive Steve Wynn; and Si Redd founder of IGT and owner of Mesquite Vistas, LLC. Worthington also was retained as a consultant for several years with Deutsche Bank as a real estate workout specialist who completed various construction, financial restructuring, sales and litigation assignments on behalf of the bank in southern California, Shanghai China, Washington D.C., Florida, Maryland and Virginia.
Prior to his association with the Molasky family, Worthington was a senior real estate advisor with the international accounting and consulting firm of KPMG Peat Marwick in Los Angeles.
Worthington holds a Bachelor of Science degree in real estate development and international finance from the University of Southern California and has completed post- graduate courses related to real estate law, economics, appraisal and real estate company operations at the University of California Los Angeles and Harvard University School of Design. Worthington has actively participated in a number of industry organizations including BIA, ULI, CCIM, BOMA, ICSC as well as numerous civic and governmental advisory boards relating to real estate and economic development issues.
WWorthington is a past member of the Las Vegas chapter of Young Presidents Organization (“YPO”), past advisor to UNLV Lied Center for Real Estate Studies, former member of the Board of Trustees for the UNLV Foundation, formerly served on the Executive Committee as well as the Board of Trustees for the Las Vegas Chamber of Commerce, founded and served as president and treasurer of the Downtown Las Vegas Alliance and is a former trustee for the Las Vegas chapter of JDRF. Worthington currently serves as an advisor to the El Cortez Hotel and Casino, is a board member of the Nathan Adelson Hospice and is president of the Park Towers Homeowners’ Association.