Columbia Sussex is a private hospitality company based in Crestview Hills, Kentucky. The company, owned by the Yung family, owns and operates hotels in various parts of the United States. As of 2008, the company operated 73 hotels under 13 different brands. The current president is William J. Yung III.
History
Columbia Sussex, founded in 1972, entered the gaming industry in 1990 with its acquisition of the Lake Tahoe Horizon in Lake Tahoe, Nevada.
On May 19, 2006, Columbia Sussex signed an agreement to purchase Aztar Corporation, owner of the Tropicana Resort & Casino in Las Vegas, Nevada, the Tropicana Casino Resort in Atlantic City, New Jersey, and other properties. According to the purchase agreement, Columbia will pay $2.75 Billion for Aztar, including $54 cash per share for its common stock, and assume $676 million in debt. The sale was approved by the Nevada Gaming Commission on November 16, 2006 with a subsidiary of the company to operate the casinos. The sale was completed on January 3, 2007. Columbia Sussex has announced redevelopment plans for "The Trop" in Las Vegas, which would make it the largest casino-resort in the city and one of the largest in the world.[1]
On May 26, 2006 Columbia Sussex announced plans to acquire the Casino Queen riverboat casino in East St. Louis, Illinois for $200 million. The deal was cancelled when the Illinois Gaming Board refused to speed up the licensing process to accommodate the timing of the sale.
On November 20, 2007 the New Jersey Casino Control Commission started its investigation into the renewal of the license of the Tropicana Casino & Resort, as well as whether its parent companies, Adamar of New Jersey and Columbia Sussex, are suitable to hold a casino license. Critics including Fred Burro, the Tropicana's former General Manager, testified before the Casino Control Commission on November 28, 2007 that Columbia Sussex CEO William Yung III had ordered him to make $40 million in payroll cuts, and when he opposed the layoffs, Yung became irate and fired him.[2]. In another incident, the National Environmental Health Association has refused to pay the Tropicana a portion of its $97,000.00 bill for a convention held at the resort because of reported bedbugs, roaches, rude employees, poor quality food and other unsanitary conditions.[3]
On Wednesday December 12, 2007 Columbia Sussex was denied a New Jersey license.[4][5][6]
On June 7, 2008 William Yung III stepped down as CEO of Tropicana Entertainment after the casino operator filed for bankruptcy protection.[7]
Hotel brands operated
Marriott International
InterContinental Hotels Group
Starwood Hotels
Others
UNITE HERE has declared a boycott of Columbia Sussex for treating workers unfairly, and refusing to recognize union demands. The workers at several Columbia Sussex hotels are asking prospective clients not to eat, sleep, or meet these boycotted hotels.
References
External links
