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Columbia-Sussex Ups Tropicana Bid to 50 Bucks per Share

By Chuckmonster on Saturday, 29th April 2006 1:45pm
  » filed under Las Vegas  comments: 0


For gaming investors keeping track at home here's a recap of the Tropicana bidding war so far:
Mid March: Pinnacle Gaming offers $38/share of Aztar
Late March: Colony Capital offers $41/share
April 3: Ameristar Offers $42/share
April 17: Columbia-Sussex offers $47/share
April 19: Pinnacle Ups its originally offer to $43/share
April 21: Ameristar ups its offer to $45/share
April 24: Pinnacle ups its offer to $45/share (matching Ameristar)
April 28: Pinnacle ups its offer to $48/share
April 29: Columbia-Sussex ups its offer to $50/share

Pinnacle may still have the inside track here even though their bid is lower than Columbia Sussex. Pinnacle is poised to make $50 million on any deal with Aztar that they don't win.

Here's the news blurb from Bloomberg:

Casino operator Aztar Corp. said Columbia Sussex Corp. boosted its bid to $1.79 billion, stepping up the four-way contest for the operator of the Tropicana casinos.

Columbia Sussex offered $50 a share in cash, Phoenix-based Aztar said today in a statement. The bid followed a $48 a share cash and stock offer earlier in the day from Pinnacle Entertainment Inc. Pinnacle valued its bid at $1.85 billion including preferred shares and stock options.

Aztar said the Columbia Sussex bid may be superior to the Pinnacle offer but that the board is not making any recommendation now. Four companies including Ameristar Casinos Inc. and Colony Capital LLC are vying to win Aztar because it controls the last piece of land on the Las Vegas Strip that can be developed into a casino resort.

The 34-acre site is home to Aztar's Tropicana hotel and casino, which opened in 1957 and is situated on the busiest intersection in Las Vegas near the Luxor and Bellagio hotels.

[ Last we checked Bellagio is nowhere near Tropicana. Unless of course its moved in the last 3 days - Ed ]



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