Evansville Mayor Says Interest in Casino Aztar Sale High
William Yung and his company, Columbia Sussex, attempted to establish themselves as a new gambling giant with the purchase of the Tropicana casinos and assorted properties as a package . The attempt failed miserably, and now the pieces of the would-be empire are being scooped up by investors. According to the mayor of Evansville, Indiana, two serious suitors for Casino Aztar have arisen, and he expects more will surface in the immediate future.
Columbia Sussex has announced in December their plan to sell off the Evansville casino. The sale had become necessary for the corporation to avoid bankruptcy after it lost the license to continue operating the Tropicana Hotel and Casino in Atlantic City, a loss that made loans used in acquiring the package of casinos due immediately.
The Tropicana license was pulled after Columbia Sussex had encountered labor and service issues, beginning with massive layoffs and followed by numerous complaints about cleanliness and standards of service. Similar practices at Casino Aztar led to an investigation by the Indiana Gaming Comission, which has since been temporarily suspended. The Commission has hopes the sale of Casino Aztar will take place sometime this spring, rendering the investigation moot.
Mayor Jonathan Weinzapfel had asked the state to look into the casino, after promises to maintain employment were broken with a series of layoffs. "In general, this is a valuable property and a valuable license," he said Friday. "I think there are a number of companies that would love to come to Evansville and operate this casino if the price is right."
The mayor did not name the possible bidders for the casino. Two groups interested in the Tropicana, one led by Colony Capital LLC and the other by Joseph Palladino, both declined comment as to their potential involvement in the Indiana property.
