Search
 

State May Take Over Aztar Caruthersville

ST. LOUIS-With a planned sale of the casino to a local company not expected to close prior to the acquisition of the property's owner, the state gaming commission takes steps to ensure it stays open.

By Brian K. Miller | Updated on October 26, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

ST LOUIS-The Missouri Gaming Commission is taking steps to ensure that a casino in Caruthersville doesn’t go dark in three weeks, when its owner is scheduled to be acquired by another gaming company that doesn’t want the property. The commission on Wednesday directed staff to take the necessary legal steps for the appointment of a supervisor of Casino Aztar Caruthersville.

The casino’s Phoenix-based owner, Aztar Corp., has agreed to sell the property to a joint venture of locally based Fortunes Entertainment, which is operated by Lance Callis, a co-founder of Argosy Gaming Co. and Argosy’s predecessor company, Metro Tourism and Entertainment. The sale was scheduled to close prior to Aztar’s acquisition by the gaming affiliate of Columbia Sussex Corp. of Kentucky, but the Gaming Commission said Wednesday it appears that Fortunes will not be licensed to operate the casino prior to the merger and that Aztar and its new owner will not continue to operate the property after the merger.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.