AZR Aztar

Columbia Sussex Corporation today issued the following statement regarding the announcement by Aztar Corporation (NYSE:AZR) that its Board of Directors has determined that the all-cash $50 per share offer for all outstanding Aztar shares made by Columbia Entertainment, the gaming affiliate of Columbia Sussex, is superior to Aztar's previously announced merger agreement with Pinnacle Entertainment, Inc. (NYSE:PNK). "We are pleased that the Board of Directors of Aztar has recognized the superior value in our $50 per share all-cash offer. Our definitive offer includes a fully executed merger agreement backed by a firm financing commitment. Demonstrating our confidence in our ability to close the transaction, we have made a substantial deposit, payable to Aztar in certain circumstances (including failure to obtain regulatory approval). Columbia Entertainment obtained its first gaming license in 1990 and has been licensed and re-licensed numerous times in Nevada, Louisiana and Mississippi. Aztar's unique assets and redevelopment opportunities will complement our strong portfolio of branded hotel and gaming properties, further strengthening our position as one of the leading owners, developers and operators of hotels, resorts and casinos worldwide." Banc of America Securities is acting as financial advisor to Columbia Sussex in connection with this transaction and Katz, Teller, Brant & Hild is acting as legal advisor. About Columbia Sussex Corporation Columbia Sussex Corporation and its Columbia Entertainment gaming affiliate are among the largest privately held owners, developers and operators of hotel properties and casinos in the world. Columbia Sussex is the largest licensee of full-service Marriott Hotels in the U.S., and the Company and its affiliates own a total of 83 hotels and 7 casinos with approximately 27,000 rooms, including Marriott, Wyndham, Westin, Sheraton, Radisson and Holiday Inn/Crowne Plaza branded properties across the United States, Canada and the Caribbean. Founded in 1972, the Company is led by William J. Yung III and owned by Mr. Yung and the Yung family.