James Frey was born in Eureka, South Dakota, in 1941. His father worked in creamery and his mother was a registered nurse. When Frey was nine, the family, including his twin sister, relocated in Sioux Falls where his dad was plant manager for a dairy. He joined the YMCA in the fourth grade and ended up working for them until around the age of 22. He attended Augustana College in Sioux Falls, graduating with a major in sociology and a minor in history. After graduation, he worked for three years at the YMCA in Sioux Falls as program director.

Burton Cohen (1923-2014) was a casino executive in Las Vegas, Nevada who held management positions at iconic Strip properties such as the Frontier, Desert Inn, Flamingo, Caesars Palace, Thunderbird, and Dunes. Cohen grew up in Miami, Florida where he graduated from the University of Florida. During World War II he served in the Army Air Corps and trained as a pilot. After returning to the United States he enrolled at the University of Miami and earned a law degree in 1948.