{"id":960,"date":"2008-01-30T12:26:00","date_gmt":"2008-01-30T20:26:00","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/blogs\/dmckee\/index.cfm\/2008\/1\/30\/-hits-the-Columbia-Sussex-fan"},"modified":"2022-08-28T06:00:40","modified_gmt":"2022-08-28T14:00:40","slug":"hits-the-columbia-sussex-fan","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/hits-the-columbia-sussex-fan\/","title":{"rendered":"@#*& hits the Columbia Sussex fan"},"content":{"rendered":"

\"tropicana\"Those intimations of insolvency<\/a> at the Las Vegas Tropicana<\/a><\/strong> are now swelling into full-blown accusations\u00a0[second item<\/a>] leveled at Columbia Sussex<\/strong> HQ in a $960 million lawsuit<\/strong>. And not just any old insolvent but “deeply insolvent<\/a>.” Whatever detente<\/em> CEO William J. Yung III<\/strong> <\/a>negotiated with lenders to stave off bankruptcy late last year has proven short-lived. What’s more additional payroll troubles<\/a> are being alleged at the Trop.*<\/p>\n

The Delaware lawsuit would, among other things, enjoin Yung from selling Casino Aztar<\/a><\/em>, its Belle of Baton Rouge<\/a>Horizon Vicksburg<\/a><\/em> and the Vegas Trop. It also seeks to hold up the already announced sale of to Nevada Gold<\/a>.<\/p>\n

Being cut off from its prime casino cash show, the Atlantic City Tropicana<\/a><\/strong>, has dealt a severe blow to Columbia Sussex. (Some argue that Yung killed the cow for its meat, rather than milking it, but that’s another discussion.) It also means that debtholders, who have seen C.S. bonds lose 18% of their value, could lose their shirts — or at least get a haircut.<\/p>\n

If that’s not enough, Bays Investment Corp.<\/strong> is backing off its planned purchase<\/a> of Columbia Sussex’s Charleston House Holiday Inn<\/strong>, after discovering that the property was already encumbered. Whoops.<\/p>\n

Oh, and a lawsuit between Columbia Sussex and landlord\u00a0Park Cattle Co<\/strong>., which has tried to evict C.S. from the Lake Tahoe Horizon<\/strong>,<\/a> is slated to go to trial Feb. 11.<\/p>\n

*– <\/strong>Of course D. Taylor<\/strong> is not exactly a disinterested party in this matter, seeing as he’s been trying (without success) to pry a reasonable contract offer from Columbia Sussex. No doubt he fervently wishes the current regime would get booted in favor of newer, more tractable ownership.<\/p>\n

In related news … <\/strong>The Baton Rouge Business Report<\/em> opines in favor<\/a> of bringing Pinnacle Entertainment<\/strong> to Red Stick. And annonymous poster “bontemps<\/strong>” needs to do a smidgen of research. Say what you like about Pinnacle, a piker it is not.<\/p>\n

Betraying signs of unease<\/a> about trends in Atlantic City, Colony Capital<\/strong> is putting an expansion of its A.C. Hilton<\/strong> in abeyance and is peddling an interest in the property, much as it previously did with the Las Vegas Hilton<\/strong>.<\/p>\n

A Pennsylvania casino owner<\/strong> has been hit with four counts of perjury<\/a>, indicted for allegedly lying about his closeness to Mob members. If you’re a member of the Glass Half-Full Club, it’s good news for Atlantic City<\/strong> — and New York<\/strong> racinos.<\/p>\n

What did we do<\/strong> to deserve this<\/a>? OTOH, gratitude in politics sure runs shallow. It kinda makes you feel sorry for old Shrub.<\/p>\n

Rambo<\/strong><\/em> (which premiered at the Aladd<\/strong> … er, Planet Hollywood Resort & Casino<\/a><\/strong>) is deemed the worst movie ever<\/a>. I still think that dubous honorific is up for grabs between Bloodrayne<\/a><\/em> and The Pirates of Tortuga<\/a><\/em>. But wait: Bloodrayne<\/em> has The Lokenator<\/a>, Pirates<\/em> does not. Pirates of Tortuga<\/em> wins\/loses! To the plank!<\/p>\n","protected":false},"excerpt":{"rendered":"

Those intimations of insolvency at the Las Vegas Tropicana are now swelling into full-blown accusations\u00a0[second item] leveled at Columbia Sussex HQ in a $960 million lawsuit. And not just any old insolvent but “deeply insolvent.” Whatever detente CEO William J. … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[23,15,84,95,30],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/960"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=960"}],"version-history":[{"count":8,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/960\/revisions"}],"predecessor-version":[{"id":31600,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/960\/revisions\/31600"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}