Louisiana Gaming Board approves Columbia Entertainment's financing plan for Aztar purchase
21 November 2006 - 7:04PM
Business Wire
Columbia Entertainment announced today that the Louisiana Gaming
Control Board has unanimously approved the company�s plan to use
bank loans and a subordinated debt offering to acquire Aztar Corp.
(NYSE:AZR). The favorable vote, combined with recent regulatory
approvals including last week�s approval of the acquisition by the
Nevada Gaming Commission, means that Columbia now has the necessary
regulatory green lights to proceed with its purchase of Aztar for
$2.75 billion. Columbia owner and CEO William J. Yung said that his
company is eager to assume ownership of Aztar. �The regulatory
process has been an invigorating experience for our organization,�
he said, �and we appreciate the advice, support and encouragement
we have received from regulators in every jurisdiction. Now that
the acquisition approval phase is over, we can focus on completing
the deal and moving forward on our ideas for revitalizing the
Tropicana brand.� Columbia Entertainment is a privately held owner
and operator of casino gaming properties. When its acquisition of
Aztar is complete, Columbia�s gaming portfolio will include 13
casinos in the United States and the Caribbean, including Tropicana
branded casino and resort properties in Atlantic City and Las
Vegas. Columbia�s newest casino opens on December 13, 2006 in the
Netherlands Antilles as part of the Westin St. Maarten, Dawn Beach
Resort & Spa. Columbia Entertainment is owned by William J.
Yung III, who along with his family also owns Columbia-Sussex
Corporation, one of the largest privately held owners, developers
and operators of hotel properties in the world. Columbia Sussex is
the largest licensee of full-service Marriott Hotels in the U.S.
The company and its affiliates own 81 hotels and 27,000 rooms
across the United States, Canada and the Caribbean that operate
under top brand names including Marriott, Hilton, Westin, Sheraton,
Renaissance and Doubletree. The companies will employ 28,000 people
when the Aztar acquisition is complete. Columbia Entertainment
announced today that the Louisiana Gaming Control Board has
unanimously approved the company's plan to use bank loans and a
subordinated debt offering to acquire Aztar Corp. (NYSE:AZR). The
favorable vote, combined with recent regulatory approvals including
last week's approval of the acquisition by the Nevada Gaming
Commission, means that Columbia now has the necessary regulatory
green lights to proceed with its purchase of Aztar for $2.75
billion. Columbia owner and CEO William J. Yung said that his
company is eager to assume ownership of Aztar. "The regulatory
process has been an invigorating experience for our organization,"
he said, "and we appreciate the advice, support and encouragement
we have received from regulators in every jurisdiction. Now that
the acquisition approval phase is over, we can focus on completing
the deal and moving forward on our ideas for revitalizing the
Tropicana brand." Columbia Entertainment is a privately held owner
and operator of casino gaming properties. When its acquisition of
Aztar is complete, Columbia's gaming portfolio will include 13
casinos in the United States and the Caribbean, including Tropicana
branded casino and resort properties in Atlantic City and Las
Vegas. Columbia's newest casino opens on December 13, 2006 in the
Netherlands Antilles as part of the Westin St. Maarten, Dawn Beach
Resort & Spa. Columbia Entertainment is owned by William J.
Yung III, who along with his family also owns Columbia-Sussex
Corporation, one of the largest privately held owners, developers
and operators of hotel properties in the world. Columbia Sussex is
the largest licensee of full-service Marriott Hotels in the U.S.
The company and its affiliates own 81 hotels and 27,000 rooms
across the United States, Canada and the Caribbean that operate
under top brand names including Marriott, Hilton, Westin, Sheraton,
Renaissance and Doubletree. The companies will employ 28,000 people
when the Aztar acquisition is complete.
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