Billionaire Buys French Lick Casino in Indiana

A long-standing legal dispute between the owners of French Lick Casino in Indiana has found resolution in the form of a buy out. William Cook, a billionaire from Bloomington, has bought out his partners in the casino venture, and now holds complete ownership of both the casino and a luxury hotel nearby.

In a deal finalized and announced to the public yesterday, William "Bill" Cook, a billionaire from Bloomington, Indiana, completed a buy out of French Lick Resort and Casino. The acquisition not only included the $380 Million French Lick property, but also the luxurious West Baden Springs Hotel. Although the exact details of the purchase amount have not been disclosed to the public, it is known that the State Gaming Commission gave their approval of the casino takeover.

The acquisition of French Lick Resort and Casino seems to be the conclusion of a long history of disagreements between the Cook family and Lauth Property Group. The two were originally partners in the casino venture, with Cook's share of the investment going to a non-profit company that benefited a number of charities in Indiana. Profits going to Cook's non-profit side of French Lick Casino were used to benefit Historic Landmarks Foundation, the Indiana University Foundation and the Orange County Community Foundation.

The rift between the partners began early on. In 2005, the group won the right to develop Indiana's 11^th Casino, French Lick Resort, in Orange County, located in Southwestern Indiana. The celebration over the victory of the casino bid was short lived. A number of creative and philosophical differences quickly emerged between Cook and Lauth Property Group, which widened the gap between the two partners and threatened the vitality of the French Lick Resort and Casino.