...to reflect its future strategic direction.

Starting immediately the company will be know as Tropicana Casinos and Resorts, Inc. That replaces Wimar-Tahoe Corp. and the name under which it did business, Columbia Entertainment, as the new name for the corporate entity that owns and operates the properties.

“Tropicana has one of the most recognized names in gaming,” said William J. Yung, III, CEO of the privately held casino company, “and we intend to leverage that awareness with a multi-billion dollar investment in the Tropicana brand over the next several years. So, it makes sense for us to unify our identity to take advantage of the brand equity we’ll be creating across the country.”

The company’s prize holdings are the Tropicana Casino and Resort Atlantic City and the Tropicana Casino and Resort Las Vegas. By associating itself with this iconic name in the gaming industry, the corporation is seeking to take advantage of the legendary casino’s brand equity.

Though the casino name is ubiquitous with gambling, the company’s flagship property in Las Vegas is a relic by city standards. The first major step for the company to be a financial force again on the Las Vegas Strip is to redesign the casino resort to meet 21st century standards.

During the next three years the company will invest $2 billion to transform the property into a 10,000 room casino, resort and convention destination. When it is completed in 2010, the resort will include a 600,000 square foot state-of-the-art convention facility, five hotel towers including a complete revamp of the original Paradise Tower, and a 100,000 square foot casino floor that will feature the latest in table games and slot products.

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The 34-acre site on which the new resort resides will include a 200,000 square foot retail mall with shops, restaurants and entertainment venues; three luxurious spa and fitness centers; and parking for more than 6,100 cars. Tropicana will also refurbish the 1,000-seat Tiffany Theater that is home to the “Folies Bergere,” the 50-year-old landmark stage production that is the longest continuous running show in U.S. history, and it will build a new 1,500 seat theater for headline performers and special events.

The signature feature of the “new” Las Vegas Tropicana will be a “must-see” water attraction that includes a meandering 3-D adventure with a heart-stopping finish sure to excite and refresh visitors.

With the adoption of the new corporate identity, Tropicana intends to change the name of its Ramada Express casino in Laughlin, NV, to Tropicana Express. In 2008, the company will rename its Lake Tahoe Horizon casino property to reflect the Tropicana identity. The company is evaluating the potential use of the Tropicana name at other properties in its 13-casino portfolio.

In mid 2006, a massive bidding war erupted by companies seeking to acquire Aztar Corporation and the prized Las Vegas Tropicana Resort. For two months last spring, a heated bidding war upped the purchase price of Aztar by more than $600 million. An Aztar sale was first announced on March 13 when its Board of Directors said the company would be acquired by Pinnacle Entertainment (NYSE: PNK) in a deal for $38 per common share. Aztar’s board was satisfied with this initial offer since it represented a 24% premium over its stock price on March 10, 2006. However, it became immediately apparent that Aztar Pinnacle agreement was seriously undervalued as other gaming companies quickly pounced on Aztar with offers that waylaid the initial deal.

Several other companies got involved in the deal, eventually pushing up to $54 per common share in a deal valued at $2.75 billion including the assumption of about $676 million in debt.

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