Analysts Recommend Pinnacle Pass on Aztar
Pinnacle Entertainment
LAS VEGAS, Nevada -- As reported by the Las Vegas Review Journal: "Investors and Wall Street analysts had a message Thursday for the management of Las Vegas-based Pinnacle Entertainment.
"Get
Pinnacle Entertainment out of the bidding for Aztar Corp.
"After rival gaming company Columbia Sussex Corp. raised the ante for ownership of the Tropicana casinos in Las Vegas and Atlantic City late Wednesday to $2.64 billion, most thought it would be wise for regional casino operator Pinnacle to cash in its chips.
"'While Aztar would bring geographic diversity and a Las Vegas presence, the price simply seems to have gotten too rich,' Davenport & Co. gaming analyst George Smith said Thursday in a note to investors.
"Aztar's board of directors has until Wednesday to decide if it wants to accept Columbia Sussex's all-cash offer of $53 a share. Pinnacle has a signed agreement to buy Aztar for $2.58 billion, or $51 a share ($47 in cash and $4 in Pinnacle stock)..."
Suite 400
Phoenix, AZ 85016
Fax: (602) 381-4108
Website: www.aztar.com
| Aztar Corporation is a gaming company that owns and operates three land-based casinos and two riverboat casinos in five different markets. Its casinos can be found in Las Vegas, Atlantic City, Laughlin, Nevada, Caruthersville, Missouri, and Evansville Indiana. |
Las Vegas, NV 89109
| Pinnacle Entertainment owns and operates casinos in Nevada, Louisiana, Indiana and Argentina, owns a hotel in Missouri, and receives lease income from two card club casinos in the Los Angeles metropolitan area. Pinnacle also has two casino development projects in the St. Louis, Missouri area, which are dependent upon final approval by the Missouri Gaming Commission. |