Columbia Entertainment to Acquire Casino Queen for $200 Million, Expanding Gaming Portfolio to Illinois.FORT MITCHELL Fort Mitchell may refer to:
Columbia Entertainment plans to transform the Casino Queen from a riverboat casino A Riverboat casino is a type of casino unique to several areas of the United States which use a riverboat as a casino. Several states authorized this type of casino to limit the areas where casinos could be constructed. into a state-of-the-art land-based casino with a floating casino floor, located directly across from the St. Louis Gateway Arch. Columbia Entertainment expects to invest approximately $60 million in the development of this property, which upon completion will be a new 138,000 square foot, Southwestern-themed gaming facility, including a 40,000 square foot casino, buffet, steakhouse, cafe and gift shop. The Casino Queen will complement Columbia Entertainment's current portfolio of 8 casinos in Nevada, Mississippi and Louisiana. In addition, on May 19, 2006, Columbia Entertainment agreed to acquire Aztar Corporation, which includes the Tropicana casino resorts in Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , the Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. Express casino hotel in Laughlin, Nevada, and the Casino Aztar riverboat casino in Evansville, Indiana. Following the completion of the Casino Queen and Aztar transactions, the Company will own and operate a total of 13 casinos in Nevada, Louisiana, Mississippi, New Jersey, Illinois and Indiana, in addition to building a new resort and casino property in St. Maarten. William J. Yung III, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Columbia Sussex said, "We are excited about this acquisition which, along with our agreement to acquire Aztar, will transform our gaming business. Casino Queen is a terrific asset and we see tremendous opportunities to use our significant operating experience to build the franchise and further expand Columbia's position as one of the leading owners, developers and operators of hotels, resorts and casinos." The transaction is subject to customary closing conditions, including the receipt of necessary regulatory and governmental approvals. The transaction is expected to close by the end of 2006. Columbia Entertainment obtained its first gaming license in 1990 and has been licensed and re-licensed numerous times in Nevada, Louisiana and Mississippi. The Company has applied for a gaming license in Illinois to complete the Casino Queen transaction, and is in the process of seeking gaming licenses in New Jersey and Indiana to complete the Aztar transaction. Katz, Teller, Brant brant or brant goose, common name for a species of wild sea goose. The American brant, Branta bernicla, breeds in the Arctic and winters along the Atlantic coast. & Hild acted as legal advisor to Columbia Sussex. Banc of America Securities served as financial advisor to Casino Queen and Gardner, Carton & Douglas and Husch & Eppenberger acted as legal advisors. 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 82 hotels and 8 casinos with approximately 27,000 rooms, including Marriott, Hilton, Westin, Sheraton, Renaissance and Doubletree 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. Columbia Sussex Corporation and Columbia Entertainment are headquartered in Fort Mitchell, Kentucky Fort Mitchell is a city in Kenton County, Kentucky, United States. The population was 8,089 at the 2000 census. Geography Fort Mitchell is located at (39.047221, -84.559993)GR1. and have more than 18,000 employees worldwide. |
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