 | |
| Industry | Gaming and Hospitality |
|---|---|
| Predecessor | Ramada Inn, Inc. |
| Founded | 1989 |
| Defunct | January 4, 2007 |
| Fate | Acquired by Columbia Sussex |
| Headquarters | |
Aztar Corporation was a hospitality company based in Phoenix, Arizona, focused on resort hotels and casinos. In 2005, the company had revenues of more than $915 million and earnings before interest and taxes of $212 million. During 2006 the company became the subject of a bidding war for ownership, with Columbia Sussex winning.
Aztar was formed in 1989 as part of a restructuring of Ramada Inn, Inc. Ramada's gaming businesses, including the Tropicana Atlantic City and the Tropicana Las Vegas, were spun off as Aztar Corporation, which was given to Ramada's shareholders, while Ramada's restaurant and non-gaming hotel businesses remained with the original company, which was immediately acquired by Hong Kong-based New World Development. [1] Aztar took its name as a portmanteau of "Aztec" and "star". [2]
In 1995, the new Aztar Corporation expanded its operations to include riverboat casinos in Caruthersville, Missouri and Evansville, Indiana. On March 5, 2002 Aztar acquired full ownership of the 34-acre (140,000 m2) Tropicana location in Las Vegas by purchasing the 50% share held by Chicago's Jaffe family. During 2005, the company acquired a site in Allentown, Pennsylvania with the intention of securing a gaming license and then developing a casino.
On March 13, 2006, Aztar announced plans to be acquired by Pinnacle Entertainment for $2.1 billion. Subsequent bids were made by Colony Capital, LLC, Columbia Sussex and Ameristar Casinos. As of April 26, 2006, all four companies were engaged in bidding over Aztar, with Pinnacle increased its bid to $45 per share, matching Ameristar's bid; Columbia Sussex had previously bid $47 per share. [3] Later, Columbia Sussex increased its bid to $50 a share, all in cash. Aztar management determined on May 1 that the latest bid was preferred over Pinnacle's late increase to $48 a share, in cash and stock.
On May 4, 2006, Ameristar announced that it was pulling out of the bidding for Aztar. Additionally, Colony apparently lost interest, having failed to increase its bid beyond $41 a share and making no public comment for several weeks. Since Columbia Sussex eventually outbid Pinnacle, the latter company was paid a $50 million termination fee plus expenses, which may total $16 million. [4]
Bidding ended on May 19, 2006 with the acceptance of a $2.75 billion bid from Columbia Sussex. Columbia Sussex paid a $313 million breakup fee in advance, in case the deal fell through with $78 million of that used to pay the breakup fee to Pinnacle Entertainment. The sale closed in January 2007. [5]
The New Jersey Casino Control Commission ultimately rejected Columbia Sussex's application for a gaming license for the Tropicana Atlantic City, sending the company's gaming businesses into bankruptcy. [6] Most of the Aztar properties became part of the reorganized Tropicana Entertainment Inc. in March 2010. [7]
Boyd Gaming Corporation is an American gaming and hospitality company based in Paradise, Nevada. The company continues to be run by founder Sam Boyd's family under the management of Sam's granddaughter, Marianne Boyd-Johnson, who currently serves as the company's executive chairman after her father, Bill, was appointed Chairman Emeritus in May 2023.
The Tropicana Las Vegas is a defunct casino hotel on the Las Vegas Strip in Paradise, Nevada. It is owned by Bally's Corporation, on land leased from Gaming and Leisure Properties. The complex occupies 35 acres (14 ha) at the southeast corner of the Tropicana – Las Vegas Boulevard intersection.
Tropicana Atlantic City, often referred to as The Trop, is a resort, casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment, and is the third largest hotel in New Jersey, with just under 2,400 guest rooms and the 200,000-square-foot shopping and entertainment complex, The Quarter. It has over 30 restaurants, 30 shops, 20 bars and lounges, 4 pools, the Tropicana Showroom, multiple spas, and an IMAX Theatre. In 2016, Tropicana completed over $200 million in renovations and additions, including a Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness, Garces restaurants, renovations to over 900 hotel rooms, and casino floor but Tropicana will continue investing. The Tropicana is the largest resort and casino on the boardwalk, with 2,364 rooms, 3,000 slot machines, 30 restaurants, and 30 shops, along with two 2,500-space parking garages, totaling over 5,000 parking spaces. In 2021-2023 Tropicana is said to complete renovations through these years, the renovations will include renovations to all 604 West Tower rooms, modernized elevators and escalators, pool enhancements, gaming space enhancements, and more undisclosed renovation projects.
Columbia Sussex is a privately owned hotel company based in Crestview Hills, Kentucky. The company, owned by the Yung family, owns and operates hotels in various parts of the United States. The current president and founder is William J. Yung III.
Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.
Ameristar Casinos, Inc. was a casino operator based in Paradise, Nevada. It was acquired by Pinnacle Entertainment in 2013. The company had eight properties in seven markets.
Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown. It also owns the Canadian digital media company Score Media and Gaming, and operates sports betting in
Bally's Evansville is a casino hotel and entertainment complex in downtown Evansville, Indiana, owned by Gaming and Leisure Properties and operated by Bally's Corporation.
Golden Nugget Lake Tahoe Hotel & Casino is a casino hotel in Stateline, Nevada. It is one of four major casino hotels in Stateline. Horizon Lake Tahoe closed on April 1, 2014, to begin a $60 million renovation and rebranding as Hard Rock Lake Tahoe, which held its grand opening on January 28, 2015. It has 539 hotel rooms and 22,750 square feet (2,114 m2) of gaming space, with 431 slot machines, 33 table games and a William Hill race and sports book.
Cactus Petes Resort Casino is a hotel and casino located in Jackpot, Nevada. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment. It has 296 rooms and 24,827 sq ft (2,306.5 m2) of casino floor space. The casino offerings include more than 600 slot machines, including reels, video poker, video reels and video keno; two gaming pits featuring 20 table games; a seven-table live poker room and a keno lounge and sports book.
Tropicana Entertainment Inc. was a publicly traded gaming company that owned and operated casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey. and Aruba. Tropicana properties collectively had approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company was based in Spring Valley, Nevada, and was majority-owned by Icahn Enterprises. The company was acquired in 2018 by Eldorado Resorts and Gaming and Leisure Properties for $1.85 billion.
Ameristar Casino Hotel East Chicago is a riverboat casino in East Chicago, Indiana, docked at Indiana Harbor on Lake Michigan. It is owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Century Casino Caruthersville, formerly Lady Luck Casino Caruthersville, is a 21,000 sq ft (2,000 m2) riverboat casino and hotel in Caruthersville, Missouri. It is owned by Vici Properties and operated by Century Casinos. The riverboat is named City of Caruthersville and is permanently docked at a 37-acre (15 ha) site that also contains an enclosed pavilion that is used to host various events.
The Tropicana Laughlin is a casino hotel in Laughlin, Nevada. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment. The hotel has 1,498 guest rooms and suites, located in the 12-story Casino Tower and the 24-story Promenade Tower. The casino has 1,050 slot machines and 21 table games. It includes the restaurants: The Steakhouse, Passaggio Italian Gardens, Carnegie's Café, Taqueria Del Rio, Poolside Café, Dips & Dogs and Victory Plaza.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 60 casino properties, all of which are leased to other companies.
Golden Nugget Lake Charles is a 242-acre waterfront casino resort in Lake Charles, Louisiana, United States, owned and operated by Houston-based Landry's, Inc. The resort features 1038 guest rooms and suites housed in a 22-story tower, an 18-hole golf course, 30,000 square feet of meeting space, more than a dozen dining and bar options, a private beach, marina, spa & salon, retail corridor and expansive 24-hour casino floor.
Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada, that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.
Ameristar Casino Resort Spa Black Hawk is a casino and hotel in Black Hawk, Colorado, owned by Gaming and Leisure Properties and operated by Penn Entertainment.
Vici Properties Inc. is a real estate investment trust (REIT) specializing in casino and entertainment properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its bankruptcy reorganization. It owns 54 casinos, hotels, and racetracks, four golf courses, and 38 bowling alleys around the United States and Canada.
Bally's Corporation is an American gambling, betting, and interactive entertainment company headquartered in Providence, Rhode Island. It operates 13 casinos across ten states, a horse track in Colorado, and online sports betting operations in 14 states.