Home » VT News » Ameristar Drops Out of Tropicana Bidding, Pinnacle Eyes Sahara Acquisition

Ameristar Drops Out of Tropicana Bidding, Pinnacle Eyes Sahara Acquisition

By Chuckmonster on Friday, 5th May 2006 12:34am
  » filed under Las Vegas  comments: 0

   

The Las Vegas Review-Journal is reporting that Ameristar has opted out of their bid for Tropicana parent company Aztar, leaving only Columbia-Sussex (owners of Caesars Tahoe/Montbleu and Horizon Casino in Lake Tahoe, Pinnacle Entertainment (2nd highest bidder) and Colony Capital (owners of the Las Vegas Hilton) in the fray. The big bidders are currently Pinnacle and Columbia-Sussex, with Pinnacle stating that if their bid isn't approved shortly they'll walk away from the deal.

Not surprisingly, Pinnacle may have already given up on the Tropicana and taken their $50 million parting gift up the street. The R-J reports that Pinnacle executives toured Sahara with representitives from CB Richard Ellis, a real estate company that is on retainer with Sahara's owners. Our prediction is that Pinnacle walks away from the Trop/Aztar deal and snaps up Sahara for 1/2 the price.



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