PHOENIX, April 28 /PRNewswire-FirstCall/ -- Aztar Corporation (NYSE:
AZR) today announced that on April 27, 2006, its Board of Directors
received an offer from Pinnacle Entertainment, Inc. to increase its
purchase price to acquire Aztar to $48.00 per share of Aztar common stock,
consisting of $45.00 in cash and $3.00 of Pinnacle common stock, subject to
a collar. Pinnacle's offer will remain open until 5:00 p.m. (New York City
time), April 28, 2006, and will automatically expire if not accepted by
then. Aztar's Board will evaluate all aspects of the offer submitted by
Pinnacle.
    As previously announced, Aztar and Pinnacle are party to a merger
agreement in which Pinnacle has agreed to acquire Aztar for a purchase
price of $45.00 per share of Aztar common stock in cash.
    About Aztar Corporation
    Aztar is a publicly traded company that operates Tropicana Casino and
Resort in Atlantic City, New Jersey, Tropicana Resort and Casino in Las
Vegas, Nevada, Ramada Express Hotel and Casino in Laughlin, Nevada, Casino
Aztar in Caruthersville, Missouri, and Casino Aztar in Evansville, Indiana.
    Forward-Looking Statements
    This press release includes statements that do not directly or
exclusively relate to historical facts. Such statements are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including
statements regarding Pinnacle's pending acquisition of Aztar, are based on
current expectations of management of Aztar and are subject to risks,
uncertainties and changes in circumstances that could significantly affect
future results. Accordingly, Aztar cautions that the forward-looking
statements contained herein are qualified by important factors that could
cause actual results to differ materially from those reflected by such
statements. Such factors include, but are not limited to: (a) the risk that
Aztar may be unable to obtain stockholder approval required for the
transaction with Pinnacle; (b) the risk that Pinnacle may be unable to
obtain regulatory approvals required for the transaction with Aztar; (c)
the risk that conditions to the closing of the transaction may not be
satisfied or the merger agreement with Pinnacle may be terminated prior to
closing; and (d) other risks, including those as may be detailed from time
to time in Pinnacle's filings with the Securities and Exchange Commission
(the "SEC"). For more information on the potential factors that could
affect Aztar's financial results and business, review Aztar's filings with
the SEC, including its Annual Report on Form 10-K, its Quarterly Reports on
Form 10-Q and its Current Reports on Form 8-K.
    Additional Information and Where to Find It
    This press release may be deemed to be solicitation material in respect
of the proposed merger of Aztar and Pinnacle. In connection with the
proposed merger, Aztar plans to file a proxy statement with the SEC.
INVESTORS AND SECURITY HOLDERS OF AZTAR ARE ADVISED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION
ABOUT THE PROPOSED MERGER. The final proxy statement will be mailed to
stockholders of Aztar. Investors and security holders may obtain a free
copy of the proxy statement, when it becomes available, and other documents
filed by Aztar with the SEC, at the SEC's web site at http://www.sec.gov.
Free copies of the proxy statement, when it becomes available, and Aztar's
other filings with the SEC may also be obtained from Aztar. Free copies of
Aztar's filings may be obtained by directing a request to Aztar
Corporation, 2390 East Camelback Road, Suite 400, Phoenix, Arizona 85016,
Attention: Secretary.
    Aztar, Pinnacle and their respective directors, executive officers and
other members of their management and employees may be deemed to be
soliciting proxies from Aztar's stockholders in favor of the proposed
merger. Information regarding Aztar's directors and executive officers is
available in Aztar's proxy statement for its 2006 annual meeting of
stockholders, which was filed with the SEC on April 10, 2006. Information
regarding Pinnacle's directors and executive officers is available in
Pinnacle's proxy statement for its 2006 annual meeting of stockholders,
which was filed with the SEC on April 13, 2006. Additional information
regarding the interests of such potential participants will be included in
the proxy statement and the other relevant documents filed with the SEC
when they become available.
    Contact:
    Joe Cole
    Aztar Corporation
    602-381-4111

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