Yung poised to run Laughlin casino

Thursday, Aug. 7, 2003 | 11:11 a.m.

CARSON CITY -- William Yung is on his way to taking over a second hotel-casino in Southern Nevada.

The state Gaming Control Board on Wednesday approved the application of Columbia Properties Laughlin, wholly owned by Yung, for the purchase of the River Palms Resort Casino, formerly called the Gold River, in Laughlin.

Yung gained approval in July from the state Gaming Commission to operate the Maxim hotel-casino in Las Vegas, which has been renamed the Westin Casuarina.

Yung purchased the Laughlin property in an estate sale for an undisclosed price. Attorney Michael Alonso said Columbia Properties is 100 percent owned by Wimar Tahoe Co. that is solely owned by Young.

Howard Reinhardt, who will run the property in Laughlin, said it intends to keep its employees but will trim expenses. He said the property has been "giving away things" faster than it can earn money.

He said it will save on marketing and centralization of some of the operations. He said he does not expect increased revenues at the start.

Alonso said Yung also owns the Horizon Hotel and Casino at South Lake Tahoe.

Yung is the majority owner of Columbia Sussez Corp. that owns about 50 hotels in this country. They also operate two casinos in Mississippi and are buying a third casino in Mississippi from Harrah's Entertainment, said Alonso.

The Gaming Commission will meet Aug. 21 in Carson City to give final approval to the application.

Other applications recommended for approval included:

Riccardo F. Ingrassia, who has worked at casinos in a number of different countries and states, to be casino operations director at the Hyatt Regency Lake Las Vegas in Henderson. Ingrassia told the board the casino has been losing money, but is near the break-even point. He said there has been a reduction in table games, slots and staff. He said the casino is an amenity to the hotel. It is not the engine that drives the train, he said.

William Paganetti and Natale Carasali, owners of the Peppermill hotel-casino in Reno and other clubs, to grant an option to gaming lobbyist Harvey Whittemore and his wife, Annette, to hold 10 percent of a new club planned for the south part of Reno. Whittemore negotiated to buy the gaming license of the Old Reno Casino that was closed due to construction of the railroad trench through downtown Reno. He put up $200,000.

The license is valuable because it allows a new location without building a major hotel. Whittemore never purchased the license but assigned it to Paganetti and Carasali who are now awarding him the option for 10 percent for $200,000 in the new casino that has yet to be built.

Before Whittemore can acquire the percentage, he will have to submit an application and undergo an investigation. If he goes through with the option, he said he will have to re-think whether he will continue as a lobbist for the Nevada Resort Association.

Thomas J. Mathews as chief operating officer and director and Sara Beth Brown as a director in International Game Technology and its affiliated companies that develop and sell slot machines around the world.

The Cal-Neva Club in Reno to open a satellite race pool and sports book at the Tuscany hotel-casino in Las Vegas.

Franklin Toti, in gaming since at least 1971, as vice president of casino operations and director in Coast Casinos Inc., which runs several properties in Clark County.

Aristocrat Leisure Ltd., an Australian slot machine manufacturer, to make a delayed public offering. Board members expressed concern about an investigation in Australia that the company had not properly disclosed information in the public sale of securities.

The board conditioned its approval on the firm getting prior approval when it decides to make a public offering. The investigation in Australia is not completed and there is no date when it will be finished.