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$3B Aztar-Columbia Merger Closes

LAS VEGAS-The Phoenix-based owner of the Tropicana Casino resort here becomes part of Winmar Tahoe Inc., the gaming affiliate of Fort Mitchell, KY-based Columbia Sussex Corp.

By Brian K. Miller | Updated on January 03, 2007

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

LAS VEGAS-Winmar Tahoe Inc. (dba Columbia Entertainment), the gaming affiliate of Fort Mitchell, KY-based Columbia Sussex Corp., has completed its $3.1-billion acquisition of Aztar Corp., the Phoenix-based owner of 13 casinos including the Tropicana Casino resorts here and in Atlantic City. Per the agreement, WT-Columbia Development, Inc., an indirect wholly owned subsidiary of Winmar Tahoe, merged with and into Aztar, with Aztar surviving the merger and becoming an indirect subsidiary of Winmar Tahoe.

The deal was first announced in May 2006. After a $0.40 addition to the purchase price–approximately one penny a day from Nov. 20 until the closing date–Winmar Tahoe paid $54.40 per share and all outstanding preferred shares of Aztar for $575.35 per share, or $2.1 billion. All told, approximately $3.1 billion of senior secured credit facilities and senior subordinated notes were used to finance the acquisition of Aztar and to retire existing indebtedness.

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