Yale Economics Student Will Throw $40,000 Gambling Extravaganza

Hosung Kwon, a Yale student, plans to throw a $40,000 private gambling party for his friends at the Yale Commons tonight.

"My whole idea is to do the extraordinary in an unusual fashion in an unlikely place," Kwon said. He plans to give away a new car and $100 bills to guests who win at the gambling tables.

Spending Money

"There are a lot of people in this world who are suffering, and instead of finding a productive way to spend his money, Kwon has decided to spend his money on a silly, disgusting, and gaudy party just to impress his friends." Henry Chauncey, secretary of Yale University, said yesterday.

"But he is entitled to rent a Yale facility as a Yale student, and I am going to defend his right to that," Chauncey added.

State police and the university have found that the gambling is legal, Chauncey said.

Making Money

Kwon, a Korean who transferred from Columbia University two years ago, is now a senior majoring in economics. His family is in the steel business, and he himself runs an investment business in the United States.

Kwon has spent two weeks planning the party, mailing 1000 invitations and spending nearly $40,000 on food, drinks, gambling tables, door prizes, the services of two orchestras, and five other entertainment acts.

Kwon has had 10,000 500-franc bills printed with the Yale Bulldog. Each player will be given 25,000 francs, and anyone who wins $500,000 will get a genuine $100 bill. Kwon has also had six blackjack tables shipped from New York for the event and plans to show horse-racing films.