Aztar Auction Ends with Kentucky Owner

A privately held Kentucky firm is the winner of a 10-week bidding war for the parent company of Tropicana casinos in Atlantic City and Las Vegas. Fort Mitchell, Ky. -based Columbia Sussex Corp. agreed to buy Aztar Corp. on Friday in a cash transaction valued at $2. 1 billion, or $54 a share.

"This is a breakthrough transaction for our company which will significantly enhance our gaming assets in key growth markets and strengthen our position as one of the leading owners, developers and operators of hotels, resorts and casinos," William J. Yung III, president and CEO of Columbia Sussex, said in a statement. Aztar owns one of the most coveted pieces of real estate in the casino gambling industry, 34 acres on the Las Vegas Strip where the Tropicana casino sits.

It also owns the Tropicana casino in Atlantic City, which last year, accounted for over half of the company's 2005 revenues of $915. 4 million. Aztar has also submitted a proposal to develop a $350 million casino in east Allentown, modeled after its Tropicana casino in Atlantic City where it employs about 5,100 people.

May 23, 2006
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!

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