Fortunes Entertainment To Acquire Casino Aztar Caruthersville
August 17 2006 - 7:53PM
PR Newswire (US)
PHOENIX and ST. LOUIS, Aug. 17 /PRNewswire-FirstCall/ -- Aztar
Corporation (NYSE:AZR) and Fortunes Entertainment, LLC today
announced that they have signed a definitive agreement under which
Fortunes Entertainment will acquire from Aztar the casino property
commonly known as Casino Aztar Caruthersville. A sale of Casino
Aztar Caruthersville, which is expected to be completed during the
fourth quarter of 2006, had been contemplated in Aztar's May 19
merger agreement with Wimar Tahoe Corporation d/b/a Columbia
Entertainment, the gaming affiliate of Columbia Sussex Corporation.
Completion of the transaction is subject to approval by the
Missouri gaming authorities and other customary closing conditions.
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. About Aztar Corporation
Aztar is a publicly traded company that operates Tropicana Casino
and Resort in Atlantic City, New Jersey, Tropicana Resort and
Casino in Las Vegas, Nevada, Ramada Express Hotel and Casino in
Laughlin, Nevada, Casino Aztar in Caruthersville, Missouri, and
Casino Aztar in Evansville, Indiana. About Fortunes Entertainment
Fortunes Entertainment is operated by Lance Callis, a Co-Founder of
Argosy Gaming Company, a publicly traded company sold to Penn
National Gaming in 2005, and Argosy predecessor company, Metro
Tourism and Entertainment -- both of the metro St. Louis, Mo. area.
Mr. Callis has indicated that a group of Management and Board
Members of "Argosy Alumni" are being formed with intentions of
re-entering gaming. Forward-Looking Statements This press release
includes statements that do not directly or exclusively relate to
historical facts. Such statements are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements, including statements
regarding Columbia Entertainment's pending acquisition of Aztar,
are based on current expectations of management of Aztar and are
subject to risks, uncertainties and changes in circumstances that
could significantly affect future results. Accordingly, Aztar
cautions that the forward-looking statements contained herein are
qualified by important factors that could cause actual results to
differ materially from those reflected by such statements. Such
factors include, but are not limited to: (a) the risk that Aztar
may be unable to obtain stockholder approval required for the
transaction with Columbia Entertainment; (b) the risk that Columbia
Entertainment may be unable to obtain regulatory approvals required
for the transaction with Aztar; (c) the risk that conditions to the
closing of the transaction may not be satisfied or the merger
agreement with Columbia Entertainment may be terminated prior to
closing; and (d) other risks, including those as may be detailed
from time to time in Aztar's filings with the Securities and
Exchange Commission (the "SEC"). For more information on the
potential factors that could affect Aztar's financial results and
business, review Aztar's filings with the SEC, including its Annual
Report on Form 10-K, its Quarterly Reports on Form 10-Q and its
Current Reports on Form 8-K. Additional Information and Where to
Find It This press release may be deemed to be solicitation
material in respect of the proposed merger of Aztar and Columbia
Entertainment. In connection with the proposed merger, Aztar plans
to file a proxy statement with the SEC. On July 14, 2006, Aztar
filed a preliminary proxy statement with the SEC. INVESTORS AND
SECURITY HOLDERS OF AZTAR ARE ADVISED TO READ THE PROXY STATEMENT
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED MERGER. The final proxy statement
will be mailed to stockholders of Aztar. Investors and security
holders may obtain a free copy of the proxy statement, when it
becomes available, and other documents filed by Aztar with the SEC,
at the SEC's web site at http://www.sec.gov/. Free copies of the
proxy statement, when it becomes available, and Aztar's other
filings with the SEC may also be obtained from Aztar. Free copies
of Aztar's filings may be obtained by directing a request to Aztar
Corporation, 2390 East Camelback Road, Suite 400, Phoenix, Arizona
85016, Attention: Secretary. Aztar, Columbia Entertainment and
their respective directors, executive officers and other members of
their management and employees may be deemed to be soliciting
proxies from Aztar's stockholders in favor of the proposed merger.
Information regarding Aztar's directors and executive officers is
available in Aztar's proxy statement for its 2006 annual meeting of
stockholders, which was filed with the SEC on April 10, 2006.
Additional information regarding the interests of such potential
participants will be included in the proxy statement and the other
relevant documents filed with the SEC when they become available.
Contacts For Aztar Corporation: Joe Cole Aztar Corporation
602-381-4111 For Fortunes Entertainment: James B. Deutsch Blitz,
Bardgett & Deutsch, L.C. 573-634-2500 DATASOURCE: Aztar
Corporation CONTACT: Joe Cole of Aztar Corporation,
+1-602-381-4111; or James B. Deutsch of Blitz, Bardgett &
Deutsch, L.C., +1-573-634-2500 for Fortunes Entertainment
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