Gaming Authorities Approve Columbia Acquisition of Aztar
FORT MITCHELL, KY, November 3, 2006. Columbia Entertainment said today that it has obtained regulatory approvals from gaming authorities in Nevada and New Jersey that will help to clear the way for the company's planned acquisition of Aztar Corporation (NYSE:AZR).
On Wednesday, the Nevada Gaming Control Board approved the acquisition and, in line with the state's approval process, will recommend that the Nevada Gaming Commission do the same at its regular monthly meeting on November 16.
Earlier today, the New Jersey Casino Control Commission granted Columbia Interim Casino Authorization to acquire Aztar's Tropicana Casino and Resort in Atlantic City and operate the casino pending final licensing approval.
Columbia Entertainment hopes to complete the Aztar acquisition later this month or early in December pending approvals by gaming regulators in the other states where Columbia will be operating casino properties following the acquisition, including Indiana and Louisiana.
Once the Aztar acquisition is completed, Columbia will assume ownership and operating control of Aztar's properties in Atlantic City; Las Vegas and Laughlin, NV; and Evansville, Indiana.
The Indiana Commission is scheduled to review Columbia's petition on November 9 and the Louisiana Commission is expected to review the company's acquisition financing package for approval on November 21.
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