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Aztar Wants Review of Indiana Income Tax Ruling

PHOENIX, Arizona – (Press Release) -- Aztar Corporation (NYSE: AZR) announced today that the company will ask the Indiana courts to review an Indiana Tax Court ruling, received today, denying the company's deductions, claimed on its Indiana income tax returns, for gaming taxes paid to the state for its Casino Aztar riverboat property in Evansville.

The company had challenged the Indiana Department of Revenue's holding that gaming taxes paid to the state based on casino revenues are not deductible for Indiana income tax purposes. If the ruling stands, the company estimates that it would be obligated to pay approximately $17.3 million to cover assessments of taxes and interest from 1996 through the end of the first quarter of 2004. This amount would then be deductible for federal income tax purposes, resulting in net cash and net income effects of approximately $11.3 million.

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.

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