Mohave Daily News: Local

LAS VEGAS (AP) - Aztar Corp., which owns the Tropicana casino properties, said Friday that Ameristar Casinos Inc. has raised its offer to buy the company by $2 to $45 per share cash.

This tops Pinnacle Entertainment Inc.'s revised offer of $43 per share made on Wednesday. Wimar Tahoe Corp., an affiliate of Columbia Sussex Corp., holds the highest bid, at $47 per share, which it submitted on Monday. Aztar also has received a bid of $41 per share from real estate investment trust Colony Capital LLC.

Bidding for Aztar has been feverish as the company owns one of the last big redevelopment opportunities on the Las Vegas Strip - a 34-acre plot on a busy crossroads that now holds the aging Tropicana resort.

The Phoenix-based company also owns The Ramada Express in Laughlin, the Tropicana hotel casino in Atlantic City, N.J., and other casinos in Missouri and Indiana.

Ameristar and Aztar representatives declined to comment on the new offer, which values the company at $2.3 billion, including $675 million in long-term debt.

Analyst Michael Friedman of Noble Financial Group said he wouldn't be surprised to see Las Vegas-based Pinnacle make one final offer.

‘‘Even if they just match it, with the breakup fee I assume they would be the preferred bid,'' he said.

After a deal between the companies fell apart in March, Pinnacle retained its right to $55 million, or about $1.25 per share, in fees if Aztar finds another suitor.

Ameristar's new offer expires at noon on Saturday unless certain conditions are met. If so, the company will extend its deadline to Thursday.

Analysts said the Ameristar bid made it clear potential buyers weren't willing to match Wimar Tahoe's $47 a share offer. Investors may have concerns about the Fort Mitchell, Ky.-based Columbia Sussex's ability to secure financing and proper licensing.

‘‘It doesn't seem as that one is being taken too seriously,'' Friedman said.

In its announcement, Aztar said Ameristar's revised bid is ‘‘reasonably likely to result in a superior proposal,'' and its board has authorized the company to continue talks with Ameristar. However, Aztar's board is unwilling to end talks with Wimar Tahoe and will evaluate both offers, the company said.

Aztar's shares rose 35 cents to $46.35 on the New York Stock Exchange, while shares of Ameristar, which is based in Las Vegas, were down 25 cents at $25.44 on the Nasdaq.