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Aztar Caruthersville Sale Clears Way for Merger

LAS VEGAS-The Phoenix-based owner of the Tropicana casino here is selling its Missouri property as part of its pending $2.75-billion merger with the gaming unit of Columbia Sussex Corp.

By Brian K. Miller | Updated on August 18, 2006

LAS VEGAS-Aztar Corp., the Phoenix-based owner of the Tropicana hotel-casino here, is selling a casino in Caruthersville, MO. The sale is part of the public company’s pending merger agreement with the gaming arm of Kentucky-based Columbia Sussex Corp. The price has not yet been disclosed.

The buyer is St. Louis-based Fortunes Entertainment, which is operated by Lance Callis, a co-founder of Argosy Gaming Co., a publicly traded company that was sold to Penn National Gaming in 2005, and Argosy’s predecessor company, Metro Tourism and Entertainment. Aztar says Callis has indicated that a group of “Argosy Alumni” is being formed with intentions of re-entering gaming.

The sale is slated to close in the fourth quarter. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel and Banc of America Securities LLC is serving as financial advisor to Aztar. Blitz, Bardgett & Deutsch, L.C. is acting as legal counsel to Fortunes Entertainment.

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