According to an Associated Press story, Colony Capital reportedly offered Aztar Corp. $41 per share Thursday to purchase Aztar. Aztar owns the Tropicana casinos in Atlantic City & Las Vegas and several smaller properties. Pinnacle Entertainment had previously announced they had agreed to purchase Aztar for $38 per share.

Pinnacle Entertainment operates casinos in Nevada, Louisiana, Indiana and Argentina.

Colony Capital operates Harrah's East Chicago, Harrah's Tunica, Bally's Tunica, and both the Atlantic City & Las Vegas Hiltons.

Stay tuned, the bidding war may be just begining :-)