Casino Business News, Columbia Entertainment bids us$ 1.69 billion for Aztar

19.04.2006, Lesen Sie hier den Bericht über «Casino Business News, Columbia Entertainment bids us$ 1.69 billion for Aztar».

Aztar stock jumped 4.4 % on the New York Stock Exchange

(US).- Casino operator Aztar said yesterday it would begin negotiations with Columbia Entertainment after receiving a buyout offer worth more than us$ 1.69 billion, heating up a bidding war that has generated offers from three other companies.

Phoenix-based Aztar, which owns a desirable parcel of land on the Las Vegas Strip occupied by its Tropicana casino as well as the Tropicana in Atlantic City, has attracted suitors looking to establish a presence in the two largest U.S. gambling markets.Aztar stock jumped 4.4 percent on the New York Stock Exchange.

Columbia Entertainment, the gaming affiliate of closely held hotel owner Columbia Sussex Corp., made an unsolicited offer for Aztar on April 13. It came on the heels of bids by rivals Pinnacle Entertainment and Ameristar Casinos as well as investment firm Colony Capital Acquisitions LLC.

Aztar said its board has not recommended any of the offers yet, and stated that Columbia Entertainment offered us$ 47 per share in cash, while Ameristar increased its buyout proposal to us$ 43 a share on April 14, up from us$ 42 offered earlier this month. Both proposals included additional payment for preferred shares.

The company would give Pinnacle and Ameristar a presence in Las Vegas and Atlantic City and help them take on larger operators like Harrah’s Entertainment, which can offer discounts at its casinos in the two gaming meccas to reward loyal customers elsewhere.

Fort Mitchell, Kentucky-based Columbia Sussex already owns casinos in Louisiana, Missouri and Nevada, including one in Las Vegas. It also owns 83 hotels under such brands as Marriott, Wyndham and Holiday Inn.

Aztar, which initially had agreed to be bought by Pinnacle for us$ 38 per share, or about us$ 1.45 billion, said its board has determined that Columbia’s offer appeared to be better. It said that holders of its Series B preferred stock would also receive "a commensurate payment dictated by the terms of the securities" under Columbia’s offer.

The company also said it has received a definitive buyout proposal from Ameristar. Holders of Aztar common stock would receive us$ 43 per share in cash, and Series B preferred stockowners would receive us$ 454.79 per share in cash.

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Las Vegas liegt im Westen der USA im Bundesstaat Nevada und ist das Glücksspiel-Paradies von Amerika.

Las Vegas hat rund 100 Spielcasinos. Im Bundesstaat Nevada sind sogar über 300 Spielcasinos registriert. Die grössten Casinos sind das Bellagio, Caesars Palace, Venetian / Palazzo, Wynn / Encore, MGM Grand, Mandalay Bay.

Weitere bekannte Casinos sind das Mirage, frühere Heimat von Siegfried und Roy, das Luxor in Form einer Pyramide oder das Casino Rio All-Suite Hotel and Casino, in welchem jährlich die Pokerweltmeisterschaft (World Series of Poker WSOP) durchgeführt wird.

Die bekanntesten zwei Strassen sind der Las Vegas Boulevard, welcher auch als Las Vegas Strip bezeichnet wird. Daneben ist die Fremont Street eine gut besuchte Casino-Meile, wo beispielsweise das legendäre Casino Binion's (vormals Binion's Horseshoe) seine Spiele anbietet.

Las Vegas erstreckt sich über eine Fläche von 340 km2 und hat rund 650'000 Einwohner.

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