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December 3, 2009

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Tropicana Owner Aztar buying back 7.7 percent of its shares

Tuesday, May 25, 1999 | 11:09 a.m.

Aztar Corp. of Phoenix said it will repurchase up to 3.5 million of its common shares, about 7.7 percent of the 45.4 million shares outstanding.

The purchases will be made in open market or privately negotiated transactions, the company said.

Aztar said the repurchases are subject to covenants in the company's senior subordinated note indentures and bank credit facility. The most restricted covenant restricts stock repurchases to $30 million.

Aztar stock has been up sharply in recent weeks, from the $5 range in late April to $7.06 in mid-day trading today. At today's price, Aztar could repurchase all 3.5 million shares for $24.7 million.

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