Ky. firm's bid takes parent of Tropicana

0 Comments | Philadelphia Inquirer, The, May, 2006 | by Suzette Parmley

A privately held Kentucky firm is the apparent winner of a 10-week-long bidding war for the parent company of Tropicana casinos in Atlantic City and Las Vegas.

Columbia Sussex Corp., of Fort Mitchell, Ky., agreed to buy Aztar Corp. yesterday in a cash transaction valued at $2.1 billion, or $54 a share.

"This is a breakthrough transaction for our company which will significantly enhance our gaming assets in key growth markets and strengthen our position as one of the leading owners, developers and operators of hotels, resorts and casinos," William J. Yung III, president and chief executive officer of Columbia Sussex, said in a statement.

Aztar owns one of the most coveted pieces of real estate in the gambling industry: 34 acres on the Las Vegas Strip where...