1989, he was worth an estimated $300 million. In 1997, he opened a second Imperial Palace resort in Biloxi, Mississippi. In 1996, Engelstad joined with Bill Bennett (owner of the Sahara Hotel and Casino) to build the Las Vegas Motor Speedway, which they later sold to Speedway Motorsports in 1998. Philanthropy The Engelstad Foundation was created in 2002 by Ralph and Betty Engelstad. Since its inception, the foundation has provided more than $300 million in grants to organizations focused on animal compassion, at-risk individuals, education, historical preservation, medical research and support, people with disabilities and veterans. Notable donations to organizations span Minnesota, Mississippi, Nevada, North Dakota, and Utah. Minnesota $2.5 million to The Sacred Heart Foundation to fund a 10,865 square foot addition to the Sacred Heart School in East Grand Forks (2018) Mississippi $1.5 million toward Hurricane Katrina relief efforts. The Imperial Palace in Biloxi, Mississippi also opened its doors to FEMA workers and homeless employee families for months following the storm. Nevada $10 million gift to the St. Rose Dominican Health Foundation in support of an early support breast cancer program (2018) $2.5 million to help build UNLV's hospitality school (2018) $3 million to the Blind Center of Nevada to help build its Visions of Greatness Center (2018) $1.5 million to Las Vegas Area Council, Boy Scouts of America for Engelstad Scout Park (2016) $10 million to Three Square Food Bank's endowment in Las Vegas (2015) $4.5 million to the Animal Foundation (2015) $22 million had been given to Opportunity Village as of 2018 $2 million to support a public school-based community program created by the Latin Chamber of Commerce and Boys Town Nevada (2013) Millions to Las Vegas' Smith Center for the Performing Arts. In 2014 alone, there was a $2 million donation (2012-2014) $12.6 million to support student scholarships at University of Nevada, Las Vegas (2009) $8.2 million to the College of Southern Nevada Foundation in Las Vegas to improve school's health sciences program (2008) An initial $5 million to the Boys and Girls Club to build a new facility, this includes a long-term donation plan that has money allotted for scholarship endowment (2008) $10 million to Bishop Gorman High School to fund a new campus (2003) North Dakota $250,000 to Farm Rescue to help farm and ranch families struck by unexpected crises in North Dakota (2018) $3 million to Grand Forks' Community Violence Intervention Center