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President Casino Bidder Put Off by City's Plan

ST. LOUIS, Missouri – As reported by the St. Louis Business Journal: "The possibility of two casinos operating next door to each other on Laclede's Landing has discouraged at least one gaming operator from pursuing investments in St. Louis.

"William Yung, chief executive and president of Columbia Sussex Corp., a Kentucky-based hotel and casino operator, said he dropped his proposal to purchase the bankrupt President Casino on the Admiral after the city announced July 30 its plans to woo another casino operator to Laclede's Landing.

"Greg Bousquette, whose New York-based firm Libra Securities LLC, is working to sell the Admiral, said Columbia Sussex is one of several gaming operators that have lost interest since the city's announcement.

"…Bousquette said that until casino operators know whether there will be two competing casinos on the St. Louis riverfront or one large casino, many potential investors will be unlikely to make commitments to either the Admiral or the city's proposed boat-in-a-moat project.

"…Jeff Rainford, chief of staff for St. Louis Mayor Francis Slay, said the President has generated the least amount of tax revenue and investment compared to other casinos in metropolitan regions of Missouri, and the mayor is committed to bringing a first-class gaming operation to downtown…"

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