In its most recent annual report, the company said it planned toraze the Tropicana, develop a billion-dollar resort on the northhalf of the site and sell the remainder into a joint venture. Astentatively envisioned, the north site would hold 2,725 hotel roomsand suites; 200,000 sf of dining, entertainment and retailfacilities; a 100,000-sf casino; a 3,800-car parking garage; and afour-acre rooftop pool recreation deck overlooking the Strip.

Since March 13, when Pinnacle and Aztar agreed to a merger at$38-per-share, there have been no less than 15 bids. Columbia'slatest bid is 40% higher than the original bid. Prior to Columbia's$54 all-cash bid, JP Morgan stated in an opinion that Pinnacle'sbid should be deemed superior because "a merger with a strategicsponsor such as PNK would not only be good for AZR shareholders, inour view, but also good for other stakeholders in the company suchas employees."The latest opinions from analysts said Pinnacleshould take its $78-million break-up fee and walk away. Pinnaclealready is spending $800 million to build two casinos in St. Louis,and could explore other casino purchases on the Strip, according toanalysts. The Sahara hotel-casino, for example, is supposedly beingmarketed by CB Richard Ellis.

In addition to the Tropicana Las Vegas, Aztar also owns theTropicana in Atlantic City, which showed strong growth in 2005. Alltold, it owns seven casinos in six markets. Pinnacle does not haveany casinos in Las Vegas or Atlantic City. Rather, it offerscasinos and gaming resorts in Indiana, Mississippi, Louisiana,Missouri and Argentina.