April 26, 2006 |
Casino operator Aztar Corp. on Tuesday called a buyout offer of $1.7 billion in cash from Ameristar Casinos Inc. superior to a bid from Pinnacle Entertainment Inc., and gave Pinnacle until Friday to respond. Under an offer made Monday, Las Vegas-based Ameristar said it would pay $47 for each of Aztar's common shares outstanding, $2 more per share than Pinnacle agreed to pay in a revised offer it announced Monday.
April 25, 2006 |
Casino operator Pinnacle Entertainment Inc. said Monday that it had raised its bid for rival Aztar Corp. to $45 a share, or about $1.7 billion, in the latest round of a bidding war for the owner of the Tropicana casinos in Las Vegas and Atlantic City, N.J. The bid brings Pinnacle in line with Ameristar Casinos Inc., which has offered to buy Aztar for $45 a share.
April 20, 2006 |
Pinnacle Entertainment Inc. increased its bid Wednesday for rival casino owner Aztar Corp. to $1.65 billion, or $43 a common share, but Aztar said a previous offer by hotel and casino owner Columbia Sussex Corp. still looked better. Pinnacle and Aztar already have a definitive merger agreement in place. Pinnacle said it sweetened the terms to "respond to a third-party proposal." Columbia Sussex, a closely held company, has proposed to pay Aztar, owner of the Tropicana hotels in Atlantic City, N.
March 14, 2006 |
Pinnacle Entertainment Inc., which operates casinos in smaller markets, said Monday that it would buy Tropicana owner Aztar Corp. for about $1.45 billion in cash, extending its reach into the prime markets of Las Vegas and Atlantic City, N.J. The first major casino takeover deal this year positions Pinnacle -- which is dwarfed by chains such as Harrah's Entertainment Inc. and MGM Mirage Inc. -- to muscle into the two main U.S. casino markets.
February 22, 2003 |
Pinnacle Entertainment Inc. decided Friday that there was no magic genie to uncork at the Aladdin Resort and Casino, abandoning its efforts to buy the troubled gambling palace on the Las Vegas Strip. The company wants to focus its capital spending on existing properties and a new $325-million casino in Lake Charles, La., rather than take a plunge into the 2,500-room Aladdin, said Chief Executive Daniel Lee. Pinnacle had worked with Colony Capital Inc. and Marriott International Inc.
December 6, 2002 |
Pinnacle Entertainment Inc. was sued for wrongful termination by its former chief executive, who said the casino company blamed him for a 2001 "weekend of debauchery" that led to regulatory sanctions and harassment suits. Paul Alanis, whose resignation was announced in April by Glendale-based Pinnacle, claims that the June 2001 event at the Belterra Casino in Indiana was organized by the former chairman of Pinnacle's board, R.D. Hubbard.