Less than two years after emerging victorious in a billion-dollar bidding war that gave him control of the legendary Tropicana casinos in Las Vegas and Atlantic City, William J. Yung III has stepped down as CEO of Tropicana Entertainment LLC.
The move came a week after senior lenders demanded Mr. Yung leave the helm of his bankrupt casino company. In a filing in U.S. Bankruptcy Court, Silver Point Capital and other senior lenders demanded Mr. Yung be removed from "all management and directorial decisions." Bondholders owed $960 million had launched their own campaign to remove him.How the fuck do you bankrupt a fucking Casino.
Seriously, people walk in, they leave their money, they walk out happy. Lather, Rinse, Repeat.
It's not that fucking hard to make money when the house holds anywhere from a 1 .5 percent (craps) to a 14 percent (that stupid dollar spinning wheel thing) house advantage.
Throw in a few tickets to a third rate star to keep them coming back and that's all there is to do.
The fucking mob made money in the Casino business, and they were STEALING half of the proceeds.
