Columbia Sussex has won the 6 week bidding war that erupted over Aztar Corp., owners of the Tropicana properties in Las Vegas and Atlantic City, amongst other properties.
The WSJ has the story (subscription required):
From the article:
"The casino affiliate of closely held Columbia Sussex Corp. emerged victorious in a two-month bidding war by agreeing to acquire casino operator Aztar Corp. for $1.94 billion, a deal that underscores the scarcity of available development opportunities on the Las Vegas Strip.
Columbia Entertainment will pay Aztar $54 a share and assume roughly $676 million in Aztar's debt, giving it control of Aztar's Tropicana flagships in Las Vegas and Atlantic City, N.J., as well as other gambling properties. Columbia Entertainment has also deposited $313 million in a bank account, which it will use to pay Aztar should the deal fall apart if Columbia Entertainment fails to meet certain criteria, including obtaining a casino license in New Jersey."
The other serious bidder, Pinnacle Entertainment, dropped out of the race as the price reached levels that made less and less sense financially. It has been rumored that Pinnacle is looking at the site of the Sahara on the North Strip as another option for a new resort in Las Vegas.
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