In the 1960s, Irwin Molasky donated 45 acres at Maryland Parkway and Flamingo Road that became part of UNLV’s campus. Molasky later served as founding chairman of the UNLV Foundation, and in 2009 he received an honorary Doctorate of Humane Letters from the university. 

The family’s enduring legacy with the university continues today with a gift to create the Molasky Family Department of Economics and Real Estate at Lee Business School, the first named academic department in the university’s history.

The gift establishes a dedicated endowment for departmental priorities, including student scholarships, experiential learning, curriculum development, faculty research, and programming that connects students with professional pathways in Southern Nevada. It will also provide funding for faculty fellowships, helping Lee Business School attract and retain scholars and connect their research to questions facing Southern Nevada.

It also supports the school's Building Business Together campaign and the construction of a new Business Academic Building on UNLV’s campus.

The Molasky family also maintains its connection to UNLV through Ovation Development Corporation, a major developer of market-rate and affordable multifamily communities in Southern Nevada. Ovation has recently hired UNLV graduates and interns, including students connected through the Lee Business School mentorship program.

“Southern Nevada has been our family’s home for decades, and we are proud to have played a role in shaping the community, from my father’s many significant contributions to the city’s skyline and his foundational role with UNLV to Ovation’s active mission to house Southern Nevadans in dignity and comfort,” said Alan Molasky, chairman of Ovation Development Corp. “Continuing the legacy my father established decades ago with UNLV is both an honor and a privilege. Just as we have long valued housing as foundational to individual and community well-being, we also value higher education in ensuring the economic vitality and vibrancy of our region.”

Funds from the gift will also advance the Molasky Family Leadership & Mentorship Program, which pairs Lee Business School students with industry professionals through structured, semester-long engagement focused on leadership development and real-world decision-making.

“As a third-generation Molasky, I observed from a young age the value of hard work and the obligation created by success to give back,” said Jess Molasky, COO, Ovation. “Philanthropy has always been a part of my family’s mantra, and this gift to UNLV is particularly meaningful to me as a young professional. I enjoy working with our UNLV interns and recent graduates, and I have every confidence the Molasky Family Department of Economics and Real Estate will continue to prepare future leaders.”

The gift also reflects a continued commitment to Las Vegas and those who will shape its future.

“While I am proud of my family’s imprint on Las Vegas, I am particularly inspired by this gift to Lee Business School and how it will continue to cultivate a pipeline of quality talent,” said Josie Molasky, design principal for Ovation. “I appreciate my grandfather and father for the emphasis they put on hard work and their ‘people first’ mantra. I am grateful every day for the opportunity to create beautiful places to live for Southern Nevadans from all walks of life, and I look forward to our family’s deepening relationship with UNLV and the opportunities it will provide future students.”

Earlier this year, Lee Business School honored Alan Molasky at the 2026 Nevada Business Hall of Fame with the Lieder Award, which recognizes individuals whose leadership and service have shaped Nevada’s business community.

“This is, in every sense, a full-circle moment for the university, the Molasky family, and our community,” said Anjala Krishen, dean of Lee Business School. “Irwin Molasky helped lay the foundation for UNLV by donating land for the university’s campus. Today, his children and grandchildren are honoring that legacy by investing in the department that studies how economies grow and communities thrive. Their gift creates opportunities that will benefit our students, faculty, and Southern Nevada for generations to come.”

The renamed department brings together areas closely tied to Southern Nevada’s economy, including economic development, public policy, real estate, housing, finance, and regional growth. 

“Southern Nevada is a remarkable place to study economics and real estate because many of the issues we discuss in the classroom and examine through our research are unfolding around us every day,” said Ian McDonough, professor and chair of the Department of Economics. “This gift will create new opportunities for our students and faculty, support research tied to the region’s most pressing issues, and strengthen our connections with industry and community leaders.”