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St. Louis firm buys Aztar's Missouri casino
 Message was posted: 10:08 Aug 20th, 2006     
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Casino news from http://phoenix.bizjournals.com/


Aztar Corp. will sell its Caruthersville, Mo., casino to Fortunes Entertainment LLC, officials from the two companies said Friday.

No financial details were made available. The sale of the casino, which had been contemplated as part of the May 19 merger agreement between Aztar and Columbia Entertainment, is expected to close in the fourth quarter.

Completion of the sale is subject to the approval of Missouri gaming officials and other customary closing conditions, officials said.

Fortunes Entertainment, based in St. Louis, is operated by Lance Callis, a co-founder of Argosy Gaming Co., a publicly traded company sold to Penn National Gaming last year.

Phoenix-based Aztar (NYSE: AZR), which agreed in May to be acquired for $2.75 billion by Columbia Entertainment, the gaming arm of Fort Mitchell, Ky.-based Columbia Sussex Corp.

Columbia Sussex is a national hotel owner-operator with 83 properties, including the Marriott Buttes in Tempe and the Phoenix Airport Marriott.

In addition to the Missouri casino, Aztar owns the Tropicana casino-resort properties in Las Vegas and Atlantic City, N.J., as well as the Ramada Express hotel-casino in Laughlin, Nev., and a casino in Evansville, Ind.





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