Home » VT News » Pinnacle Gaming Buys Tropicana Owners Aztar for 1.5B

Pinnacle Gaming Buys Tropicana Owners Aztar for 1.5B

By Chuckmonster on Monday, 13th March 2006 12:12pm
  » filed under Las Vegas  comments: 0


Pinnacle Entertainment Inc., which operates casinos in smaller markets, on Monday said it would buy Tropicana-owner Aztar Corp. for about $1.45 billion in cash, extending its reach into the prime markets of Las Vegas and Atlantic City.

The first major casino takeover deal since last year positions Pinnacle -- which is dwarfed by larger chains like Harrah's Entertainment Inc. and MGM Mirage Inc. -- to muscle into the two main U.S. casino markets.

Pinnacle, while based in Las Vegas, has no casinos there. Its properties are based elsewhere in Nevada, as well as in Indiana, Louisiana and in Argentina.

Pinnacle said it would buy all of the outstanding shares of Aztar for $38 each in cash.

The company said the deal, which also involves the assumption of about $723 million in Aztar debt, represents a premium of about 24 percent over Aztar's closing price on March 10.

[ Pinnacle Gaming owns: Belterra Casino - Cincinnati, L'Auberge du Lac in Lake Charles, Lousiana, Boomtowns in Schreveport and New Orleans, Casino Magic in Argentina and Tagged:    


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