AZTAR SHARES RISE DUE TO BUY-OUT SPECULATION
July 12, 1999
Speculation that Aztar Corp., the Phoenix-based operator of the Tropicana casinos in Atlantic City and Las Vegas,
will be acquired by another company have driven the company's share prices sharply higher over the last week.
The shares reached a 16-month high of 9 1/4 on July 1, then fell 1/8 to 8 13/16 on July 2. As of Friday, July 9,
the shares closed at 9 5/16, which was up 3/16.
It has been speculated that Aztar may be in line to be acquired by another company that wants to develop a casino
on the Las Vegas Strip, according to analysts. The aging Tropicana casino resort in Las Vegas, which sits on 34
acres, is one of the last prime locations on the strip that could be acquired. Las Vegas is the world's largest
gambling market.
Aztar Corp. operates in major domestic gaming markets with casino hotel facilities in Atlantic City, New Jersey, and Las Vegas and Laughlin, Nevada. It also operates riverboat casinos in Caruthersville, Missouri, and Evansville, Indiana.
Friday's stock figures were as follows:
| Last Sale |
9 5/16 |
Last Trade Size |
2000 |
|
| Change |
+3/16 |
% Change |
2.05 |
|
| Open |
9 1/4 |
Previous Close |
9 1/8 |
|
| High |
9 7/16 |
Low |
9 3/16 |
|
| EPS |
0.2820 |
P/E Ratio |
33.0230 |
|
| 52 Week High |
9.25 |
52 Week Low |
2.88 |
|
| Div/Share |
0.0000 |
Volume |
311,800 |
|
| Symbol |
AZR |
Exchange |
NYSE |