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NEW JERSEY APPROVES AREI TENDER OFFER; AZTAR WAIVES FINANCING CONDITION

 PHOENIX, July 7 /PRNewswire/ -- Aztar Corp. (NASDAQ-NMS: AZTR) announced today that the New Jersey Casino Control Commission has approved its tender offer to purchase all the outstanding limited partnership interests in Ambassador Real Estate Investors, L.P. (AREI) and the call of untendered limited partnership interests. Aztar further announced that it has received approval for early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Commission approval and termination of the waiting period were conditions to Aztar's tender offer.
 Aztar also announced today that it has determined that it has sufficient funds to consummate the tender offer and will waive the financing condition to its tender offer. The company had said it anticipated borrowing up to $20 million of the aggregate $58 million cash consideration offered to acquire the limited partnership interests.
 Aztar's tender offer is scheduled to expire at midnight on July 8, 1993, unless extended. The tender offer remains conditioned upon, among other things, at least 66.7 percent in interest of the outstanding investor limited partnership interests being validly tendered and not withdrawn prior to the expiration of the tender offer.
 Aztar and AREI share ownership in TropWorld Casino and Entertainment Resort in Atlantic City, N.J. Aztar is a publicly held casino gaming company that operates TropWorld, Tropicana Resort and Casino in Las Vegas and Ramada Express Hotel and Casino in Laughlin, Nev.
 -0- 7/7/93
 /CONTACT: Joe Cole, VP-corporate communications of Aztar, 602-381-4111; or Salomon Brothers, 212-783-7832, for Aztar/
 (AZTR)


CO: Aztar Corp. ST: Arizona IN: CNO SU:

EH-LS -- LA020 -- 9126 07/07/93 14:22 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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