Tropicana buyout closes

Aztar Corp. of Phoenix announced today it has completed the buyout of its 50 percent partner in the Tropicana hotel-casino on the Las Vegas Strip.

Aztar paid the Jaffe family of Chicago $117.5 million for the 50 percent of the Tropicana it did not already own. The company also assumed $49 million in debt held by the partnership between Aztar and the family.

Aztar re-emphasized this morning that it has no immediate plans to close, demolish and redevelop the south Strip casino, though it said it plans to complete a design development and review process by the summer of 2003. The company said it will make a decision at that time whether to proceed with a new development.

archive