Las Vegas Commercial Real Estate

Pinnacle Entertainment plans to purchase Phoenix-based, Aztar Corporation, owner of the LV Tropicana casino for an estimated $1.45B. As part of the deal, Pinnacle, based in LV, has also agreed to assume the $723M in debt and pay $38 a share.

Pinnacle plans to design a new casino to replace the current Tropicana casino. The resdesign is expected to take two years, with construction beginning as early as 2008. The Tropicana will continue to operate “until further notice”.

This entry was posted on Wednesday, March 15th, 2006 at 5:13 am and is filed under Commercial Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.