COVINGTON, KY -- The hotel and gambling magnate who has poured $1-million dollars into electing and inaugurating Governor Steve Beshear may be gambling on Beshear and Covington to save his crumbling casino empire, reports the Lexington Herald-Leader in its Sunday edition.
Northern Kentucky hotelier William Yung's Crestview Hills-based Columbia Sussex owns 83 hotels and about a dozen casinos in five states and the Cayman Islands. He wants to add another casino to the list, in Covington, where three weeks ago he purchased several parcels of prime real estate for $7 million, reports the newspaper
All Yung needs is a license. And for casino gambling to be legalized in Kentucky this fall. This week, Beshear is to unveil his plan to expand gambling at racetracks and a select few cities.
Yung, 66, declined repeated requests to be interviewed for this article or to comment on it, the newspaper reports.
Since the '70s, Yung has amassed a $5 billion chain of hotels, mostly Marriotts, with 2007 revenue of $970 million and more than 15,000 employees. According to the company's Web site, it has 32,791 rooms.
His only interest, Yung has said, is "making money."
Previously a Republican supporter, Yung last fall poured $1,038,500 into Democratic political funds that helped get Beshear elected. Then he gave $10,000 to Beshear's inauguration fund, reports the Herald-Leader.
Copyright: The Lexington Herald-Leader