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Company’s shares may rise on possible acquisition

Friday, June 10, 2005 | 10:44 a.m.

Shares of Aztar Corp., which owns the Tropicana, may rise 25 percent in the next year because it's an "attractive" acquisition target for Station Casinos Inc. and Boyd Gaming Corp., Business Week reported in its "Inside Wall Street" column.

Aztar's 34-acre site on the Strip includes enough undeveloped land to build another hotel, the magazine said, citing Gabelli Asset Management's Larry Haverty.

Because of speculation that the company would either develop or sell the site, Aztar stock rose 21 percent between early May and June 8, Business Week said. Aztar spokesman Joe Cole declined to comment while Station Casinos didn't return calls, the magazine said.

Aztar shares rose 52 cents to $32.05 in New York Stock Exchange composite trading. The stock has declined 8.2 percent this year.

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