It’s difficult to figure out CEO William Yung III‘s endgame in his high-profile pursuit of a casino in Kentucky, as it could potentially further complicate the attempted sale of Casino Aztar in Evansville, Ind. So far, suitors have proven to be thin on the ground.
It actually might be in Yung’s best interest if the Kentucky state senate ashcans Gov. Steve Beshear‘s proposed casino legalization. After all, the closer Kentucky gets to casino gambling, the more it inherently depresses the value of Casino Aztar in an, um, watered-down market. There’s a reason Columbia Sussex was able to buy its Vicksburg casino for $28 million and re-sell it for $35 million: Ain’t no casinos coming to Arkansas now or in the foreseeable future.
Meanwhile, the Tahoe Daily Tribune has an eyewitness report of the opening salvos in a lawsuit whereby Columbia Sussex seeks to hang onto its lease on Horizon Casino Resort. As in Atlantic City, the perceived failure to maintain a “first-class facility” is a central point of contention. To that end, landlord Park Cattle Co.‘s lawyers produced photos of Horizon that may be worth several thousand words (or dollars). Also, a former casino operations manager averred that Yung “was past trimming off the fat and had resorted to whacking at the bone.” (Sound familiar?)
There’s a possibility that the payroll hiccups at the Las Vegas Tropicana may have been caused by miscommunication between Columbia Sussex HQ, back in Kentucky, and local management. Hypothetically speaking, Friday’s payroll may have been handed on Wednesday, which might explain the “Don’t cash for 48 hours” scenario. If this is the case, an innocuous explanation from Columbia Sussex could have doused the fire. Instead, the company chose to get all shirty about the matter. God knows why.
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