Aztar

Aztar

Infobox_Company
company_name = Aztar Corporation
company_type = Subsidiary of Columbia Sussex
company_slogan = Excellence in Hospitality
foundation =
location = Fort Mitchell, Kentucky
key_people = William Yung III (CEO)
industry = Gambling, Resorts
homepage = [http://www.columbiasussex.com/ www.columbiasussex.com]

Aztar Corporation is a hospitality company that focused on resort hotels and casinos. In 2005, the company had revenues of more than $915 million and earnings before interest and taxes of $212 million. During 2006 the company became the subject of a bidding war for ownership, with Columbia Sussex winning.

History

In 1989 Ramada Inns, Inc. split its businesses, selling the hotel/restaurants to Hong Kong based New World Development Company for $540 million. The casinos including the Tropicana Atlantic City and the Tropicana Las Vegas were spun off into a new publicly traded company called Aztar Corporation.

In 1995 the new Aztar Corporation expanded its operations to include riverboat casinos in Caruthersville, Missouri and Evansville, Indiana. On March 5, 2002 Aztar acquired full ownership of the 34-acre Tropicana location in Las Vegas by purchasing the 50% share held by Chicago's Jaffe family. During 2005, the company acquired a site in Allentown, Pennsylvania with the intention of securing a gaming license and then developing a casino.

On March 13, 2006, Aztar announced plans to be acquired by Pinnacle Entertainment for $2.1 billion. Subsequent bids were made by Colony Capital, LLC, Columbia Sussex and Ameristar Casinos. As of April 26, 2006, all four companies were engaged in bidding over Aztar, with Pinnacle increased its bid to $45 per share, matching Ameristar's bid; Columbia Sussex had previously bid $47 per share. [cite news | title=NORM: Clinton nearly sees rocket's red glare | publisher=Las Vegas Review-Journal | url=http://www.reviewjournal.com/lvrj_home/2006/Apr-26-Wed-2006/news/7051863.html | accessdate=2006-12-24] Later, Columbia Sussex increased its bid to $50 a share, all in cash. Aztar management determined on May 1 that the latest bid was preferred over Pinnacle's late increase to $48 a share, in cash and stock.

On May 4, 2006, Ameristar announced that it was pulling out of the bidding for Aztar. Additionally, Colony has apparently lost interest, having failed to increase its bid beyond $41 a share and making no public comment for several weeks. Since Columbia Sussex eventually outbid Pinnacle, the latter company was paid a $50 million termination fee plus expenses, which may total $16 million. [cite news | title=DEALS ON THE STRIP: Ameristar ends chase of Aztar | publisher=Las Vegas Review-Journal | url=http://www.reviewjournal.com/lvrj_home/2006/May-04-Thu-2006/business/7191615.html | accessdate=2006-12-24]

Bidding ended on May 19, 2006 with the acceptance of a $2.75 billion bid from Columbia Sussex. Columbia Sussex paid a $313 million breakup fee in advance, in case the deal fell through with $78 million of that used to pay the breakup fee to Pinnacle Entertainment.

The sale was approved by the Nevada Gaming Commission on November 16, 2006, and shortly thereafter by regulators in New Jersey and Indiana.

Casinos at time of acquisition

*Tropicana Casino Resort Atlantic City - Atlantic City, New Jersey
*Tropicana Resort & Casino - Las Vegas, Nevada
*Ramada Express Hotel and Casino - Laughlin, Nevada
*Casino Aztar Evansville - Evansville, Indiana
*Casino Aztar Caruthersville - Caruthersville, Missouri

References

External links

* [http://www.aztar.com/ Aztar Corporation]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • Casino Aztar Evansville — Casino infobox casino=Casino Aztar Evansville theme=Las Vegas address=421 NW Riverside Drive Evansville, Indiana 47708 image size=225rooms=250 main hotel 100 boutique hotel date opened=1995 space gaming=38,000 ft² attractions=Jillian’s Billiards… …   Wikipedia

  • Casino Aztar Caruthersville — is a 21,000 square feet (1,950 m²) riverboat casino located in Caruthersville, Missouri that is owned and operated by Isle of Capri. The riverboat is named City of Caruthersville and is located by a 37 acres (15 ha) site that also contains an… …   Wikipedia

  • Casino Aztar — may refer to:* Casino Aztar Evansville * Casino Aztar Caruthersville …   Wikipedia

  • AZR — Aztar Corporation (Business » NYSE Symbols) * Adrar, Algeria (Regional » Airport Codes) …   Abbreviations dictionary

  • Tropicana Casino and Resort Atlantic City — Casino infobox casino=Tropicana Casino and Resort Atlantic City theme=Old Havana address=S. Brighton and Boardwalk Atlantic City, NJ 08401 rooms=2,125 date opened=November 23, 1981 space gaming=148,000ft² (14,000 m²) attractions=The Quarter shows …   Wikipedia

  • Ramada — is a hotel chain owned and operated by Wyndham Worldwide. History The lodging chain was founded in 1954 by longtime Chicago restaurateur Marion W. Isbell (1905–1988) and a group of investors including Michael Robinson of McAllen, Texas who later… …   Wikipedia

  • Isle of Capri Casinos — Isle of Capri Casinos, Inc. (nasdaq|ISLE) with headquarters in Saint Louis, Missouri, operates casinos and associated entertainment and lodging facilities in the United States and abroad.Most of its U.S. casinos operate under the Isle of Capri… …   Wikipedia

  • Evansville, Indiana — Infobox Settlement official name = City of Evansville, Indiana settlement type = City nickname = River City, Epatch, the Ville, Stoplight City, and Eville imagesize = image caption = Downtown Evansville riverfront. image website =… …   Wikipedia

  • Tropicana Entertainment — Tropicana Entertainment, LLC, (formerly known as Wimar Tahoe Corporation) is a privately held corporation located in Crestview Hills, Kentucky that owns and operates 11 casinoscite news |first= |last= |authorlink= |coauthors= |title=Tropicana… …   Wikipedia

  • Spectre (comics) — Superherobox| caption= JSA #75 (September 2005), cover art by Alex Ross. character name=The Spectre publisher=DC Comics debut= More Fun Comics #52 (February 1940) creators=Jerry Siegel Bernard Baily alter ego=Aztar alliances=Justice Society of… …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”