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AZTAR COMPLETES AREI TENDER OFFER

 PHOENIX, July 8 /PRNewswire/ -- Aztar Corp. (NASDAQ: AZTR) announced today the successful completion of its tender offer for limited partnership interests in Ambassador Real Estate Investors L.P. (AREI).
 Aztar reported that more than the required 66.7 percent in interest of the limited partnership interests have been tendered and accepted for payment, and that the company intends to call the untendered interests under the terms of the limited partnership agreement.
 "Completion of the AREI transaction accomplishes some important goals for Aztar," said Paul E. Rubeli, Aztar chairman of the board, president and chief executive officer. "It establishes the company's complete control of our largest asset, simplifies our capital structure, and provides financial flexibility for the future."
 Completion of the tender offer transaction and related events, anticipated to occur within 60 days, will result in Aztar's holding sole ownership of TropWorld Casino and Entertainment Resort in Atlantic City, N.J.
 In connection with the limited partnership tender offer, Aztar is acquiring the general partnership interests in AREI and Ambassador General Partnership (AGP). AREI owns a 99.9 percent general partnership interest in AGP, which acquired a substantial interest in TropWorld in a sale-leaseback transaction in 1984. AGP owns the portion of TropWorld not held by Aztar and Aztar leases the AGP portion. Aztar is the operator of TropWorld.
 Aztar is acquiring the limited partnership interests for an aggregate consideration of approximately $58 million in cash. Other considerations, including forgiveness of debt owed to Aztar by AGP, place the total value of the acquisition transaction at more than $300 million.
 Aztar, a publicly held casino gaming company, operates TropWorld, Tropicana Resort and Casino in Las Vegas, and Ramada Express Hotel and Casino in Laughlin, Nev.
 -0- 7/8/93
 /CONTACT: Joe Cole, VP-corporate communications of Aztar, 602-381-4111/
 (AZTR)


CO: Aztar Corp.; Ambassador Real Estate Investors L.P. ST: Arizona, Nevada, New Jersey IN: CNO LEI SU: TNM

JL -- NYON1 -- 9747 07/09/93 00:59 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
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