Colony Capital Acquisitions to buy Aztar Corporation
The purchase would create United States’ third biggest casino chain
Colony Capital Acquisitions, owner of Hilton casinos in Las Vegas and Atlantic City, has offered to buy Aztar Corporation (which runs casinos in the same cities) for 1.4 billion dollars cash, in order to create United States’ third biggest casino chain. Besides Hilton casinos, Colony owns Resorts Casino from Atlantic City.
The offer made by Colony, a private firm headquartered in Los Angeles and managed by Thomas J. Barrack Jr.’s real estate company, would quote Aztar shares in 41 dollars each, a little more than the 38 dollar offer presented on May 13th by casino operator Pinnacle Entertainment.
Buying Aztar, Colony would increase considerably its presence in both cities. The company would be in an excellent position to become a more important player in the casinos industry.
If Colony succeeds in buying Aztar, this would result in the creation of a new company quoting five billion dollars. It sounds much, but not as much as Harrah’s Entertainment, which is valuated in 14.4 billion dollars, and the MGM Mirage, quoted in 12.3 billion dollars.
Colony Capital Acquisitions, owner of Hilton casinos in Las Vegas and Atlantic City, has offered to buy Aztar Corporation (which runs casinos in the same cities) for 1.4 billion dollars cash, in order to create United States’ third biggest casino chain. Besides Hilton casinos, Colony owns Resorts Casino from Atlantic City.