Fortunes Entertainment to Acquire Aztar Property
Aztar Corporation and Fortunes Entertainment, LLC today announced that they have signed a definitive agreement under which Fortunes Entertainment will acquire from Aztar the casino property commonly known as Casino Aztar Caruthersville. A sale of Casino Aztar Caruthersville, which is expected to be completed during the fourth quarter of 2006, had been contemplated in Aztar's May 19 merger agreement with Wimar Tahoe Corporation d/b/a Columbia Entertainment, the gaming affiliate of Columbia Sussex Corporation. Completion of the transaction is subject to approval by the Missouri gaming authorities and other customary closing conditions. Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel and Banc of America Securities LLC is serving as financial advisor to Aztar. Blitz, Bardgett & Deutsch, L.C. is acting as legal counsel to Fortunes Entertainment.