Share repurchase authorized, AC expansion studied

Monday, Oct. 16, 2000 | 10:59 a.m.

Aztar Corp. of Phoenix, owner of the Tropicana resort on the Las Vegas Strip, said it has been authorized to repurchase up to 3 million shares of its common stock.

The repurchase plan comes on top of an 8 million-share plan announced in May 1999. Though this June, Aztar had repurchased 6.2 million shares under that plan.

The 3 million-share repurchase plan would represent about 7.4 percent of Aztar's outstanding stock. Purchases will be made on the open market or in private transactions "depending on market conditions and other business factors," Aztar said.

Separately, Aztar officials told investors last week that the company was studying an expansion of the 1,600-room Tropicana in Atlantic City. The expansion could add 400 to 500 rooms to the property.

Aztar spokesman Joe Cole cautioned that the expansion was merely under consideration and that a final decision hadn't been made. A decision on expansion should be made by year's end, he said.