SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q



|(X) |  | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|--- |  | ---------------------------------------------------------------------------------------

|For the quarterly period ended September 28, 2000
                               OR
|-----------------------------------------------------------------------------------
|( )                                                                                

|For the transition period from   to
|-----------------------------------
|Commission file number  1-5440     

|AZTAR CORPORATION     (Exact name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                      
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Delaware
(State or other jurisdiction of
 incorporation or organization)                                                                                                                                                                                                                                                                                          
|2390 East Camelback Road, Suite 400, Phoenix, Arizona     85016
(Address of principal executive offices)             (Zip Code)                                                                                                                                                                                                                                   
|Registrant¢
s telephone number, including area code (602) 381-4100                                                                                                                                                                                                                                                                                                
|Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes X No

|At October 26, 2000, the registrant had outstanding 39,571,370 shares of its common stock, $.01 par value.
|----------------------------------------------------------------------------------------------------------



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AZTAR CORPORATION AND SUBSIDIARIES
FORM 10-Q
INDEX

|         |                                                                                                                        |          
|-------- | ---------------------------------------------------------------------------------------------------------------------- | ---------
|PART I.  | FINANCIAL INFORMATION                                                                                                  | PAGE
----
|Item 1.  | Financial Statements                                                                                                   |          
|         | Consolidated Balance Sheets at September 28, 2000 and December 30, 1999                                                | 3        
|         | Consolidated Statements of Operations for the quarters and nine months ended September 28, 2000 and September 30, 1999 | 5        
|         | Consolidated Statements of Cash Flows for the nine months ended September 28, 2000 and September 30, 1999              | 7        
|         | Consolidated Statements of Shareholders¢
 Equity for the nine months ended September 28, 2000 and September 30, 1999   | 9        
|         | Notes to Consolidated Financial Statements                                                                             | 10       
|Item 2.  | Management's Discussion and Analysis of Financial
Condition and Results of Operations                                  | 15       
|Item 3.  | Quantitative and Qualitative Disclosures About Market Risk                                                             | 19       
|PART II. | OTHER INFORMATION                                                                                                      |          
|Item 6.  | Exhibits and Reports on Form 8-K                                                                                       | 20       

2

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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)
---------------------------------------
(in thousands, except share data)

|Assets
Current assets:
  Cash and cash equivalents
  Accounts receivable, net
  Refundable income taxes
  Inventories
  Prepaid expenses
  Deferred income taxes, net
    Total current assets
Investments in and advances to 
  unconsolidated partnership
Other investments
Property and equipment:
  Buildings, riverboats and equipment, net
  Land
  Construction in progress
  Leased under capital leases, net
Deferred charges and other assets | September 28,
2000     
-------------
$   46,672  
24,523  
--  
7,508  
11,532  
18,831  
----------  
109,066  
7,155  
21,212  
731,387  
104,942  
7,299  
1,938  
----------  
845,566  
36,685  
----------  
$1,019,684  
========== | December 30,
1999    
------------
$   54,180 
26,104 
881 
7,836 
11,293 
17,333 
---------- 
117,627 
7,659 
20,379 
754,900 
102,428 
4,382 
4,447 
---------- 
866,157 
37,185 
---------- 
$1,049,007 
==========
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



The accompanying notes are an integral part of these financial statements.

3

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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited)(continued)
--------------------------------------------------
(in thousands, except share data)



|Liabilities and Shareholders' Equity
Current liabilities:
  Accounts payable and accruals
  Accrued payroll and employee benefits
  Accrued interest payable
  Income taxes payable
  Current portion of long-term debt
  Current portion of other long-term
    liabilities
    Total current liabilities
Long-term debt
Other long-term liabilities
Deferred income taxes
Contingencies and commitments
Series B ESOP convertible preferred stock
   (redemption value $12,181 and $9,734)
Shareholders' equity:
  Common stock, $.01 par value (39,819,370
    and 42,945,190 shares outstanding)
  Paid-in capital
  Retained earnings
  Less: Treasury stock
    Total shareholders' equity | September 28,
   2000     
 -------------
$   63,775 
27,573 
10,549 
3,559 
1,664 
2,071 
---------- 
109,191 
443,370 
20,349 
5,820 
6,584 
514 
427,514 
111,290 
(104,948)
---------- 
434,370 
---------- 
$1,019,684 
========== | December 30,
   1999    
  ------------
$   51,197 
26,399 
5,198 
-- 
3,334 
3,198 
---------- 
89,326 
497,628 
21,099 
6,041 
7,003 
506 
420,786 
63,963 
(57,345)
---------- 
427,910 
---------- 
$1,049,007 
==========
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes are an integral part of these financial statements.

4

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Third Quarter
 --------------------                                                                                                                                                                                                                                                                                      | Nine Months
 -------------------                                                                                                                                                                                                                                                                                       
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Revenues
  Casino
  Rooms
  Food and beverage
  Other
Costs and expenses
  Casino
  Rooms
  Food and beverage
  Other
  Marketing
  General and administrative
  Utilities
  Repairs and maintenance
  Provision for doubtful accounts
  Property taxes and insurance
  Rent
  Depreciation and amortization
Operating income
  Interest income
  Interest expense
Income before other items,
  income taxes and
  extraordinary items
  Equity in unconsolidated
    partnership's loss
Income before income taxes
  and extraordinary items
  Income taxes
Income before extraordinary items
  Extraordinary items
Net income | 2000   
-------- 
$177,389 
19,270 
14,672 
10,874 
-------- 
222,205 
77,367 
10,292 
14,558 
8,922 
22,174 
19,696 
4,730 
6,094 
540 
6,079 
4,478 
13,478 
-------- 
188,408 
-------- 
33,797 
313 
(10,407)
-------- 
23,703 
(1,081)
-------- 
22,622 
(8,070)
-------- 
14,552 
-- 
-------- 
$ 14,552 
======== | 1999   
-------- 
$169,389 
16,719 
13,689 
8,973 
-------- 
208,770 
73,135 
9,375 
13,703 
7,858 
22,282 
19,096 
4,472 
6,506 
1,522 
5,955 
4,403 
13,506 
-------- 
181,813 
-------- 
26,957 
285 
(13,202)
-------- 
14,040 
(991)
-------- 
13,049 
(4,488)
-------- 
8,561 
(382)
-------- 
$  8,179 
========

The accompanying notes are an integral part of these financial statements.

5

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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)(continued)
For the periods ended September 28, 2000 and September 30, 1999
---------------------------------------------------------------
(in thousands, except per share data)

|                                                                                                                                                                                                                                                                                                                                                      | Third Quarter   
 --------------------                                                                                   | Nine Months    
 -------------------                                                                                        
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------
|Earnings per common share:
  Income before extraordinary items
  Extraordinary items
  Net income
Earnings per common share assuming
  dilution:
  Income before extraordinary items
  Extraordinary items
  Net income
Weighted-average common shares
  applicable to:
  Earnings per common share
  Earnings per common share assuming
    dilution | 2000   
-------- 
$    .35 
-- 
-------- 
$    .35 
======== 
$    .34 
-- 
-------- 
$    .34 
======== 
40,428 
42,397 | 1999   
-------- 
$    .19 
(.01)
-------- 
$    .18 
======== 
$    .18 
(.01)
-------- 
$    .17 
======== 
44,353 
46,283

The accompanying notes are an integral part of these financial statements.

6

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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
For the periods ended September 28, 2000 and September 30, 1999
---------------------------------------------------------------
(in thousands)

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Nine Months     
--------------------                                                                                                                                                                                                                                                                                                    
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Cash Flows from Operating Activities
Net income
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
    Depreciation and amortization
    Provision for losses on accounts receivable
    Loss on early retirement of debt
    Loss on reinvestment obligation
    Rent expense
    Distribution in excess of equity in income
      of partnership
    Deferred income taxes
    Change in assets and liabilities:
      (Increase) decrease in accounts receivable
      (Increase) decrease in refundable income taxes
      (Increase) decrease in inventories and 
        prepaid expenses
      Increase (decrease) in accounts payable,
        accrued expenses and income taxes payable
      Other items, net
  Net cash provided by (used in) operating activities
Cash Flows from Investing Activities
Payments received on notes receivable
Reduction in other investments
Purchases of property and equipment
Additions to other long-term assets
  Net cash provided by (used in) investing activities
Cash Flows from Financing Activities
Proceeds from issuance of long-term debt
Proceeds from issuance of common stock
Principal payments on long-term debt
Premium paid on early retirement of debt
Principal payments on other long-term liabilities
Debt issuance costs
Repurchase of common stock
Preferred stock dividend
Redemption of preferred stock
  Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
    Cash and cash equivalents at end of period | 2000   
-------- 
$ 47,929 
41,539 
3,204 
-- 
1,291 
(678)
504 
(1,719)
(1,623)
881 
  86 
24,176 
460 
-------- 
116,050 
-------- 
-- 
1,956 
(17,620)
(6,778)
-------- 
(22,442)
-------- 
182,800 
4,120 
(238,791)
-- 
(1,215)
-- 
(46,866)
(541)
(623)
-------- 
(101,116)
-------- 
 (7,508)
54,180 
-------- 
$ 46,672 
========

The accompanying notes are an integral part of these financial statements.

7

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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)(continued)
For the periods ended September 28, 2000 and September 30, 1999
---------------------------------------------------------------
(in thousands)



|                                                                                                                                                                                                                                                                                                                                                                                       | Nine Months     
--------------------            
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------
|Supplemental Cash Flow Disclosures
Summary of non-cash investing and financing activities:
  Capital lease obligations incurred for property and
    equipment
  Exchange of common stock in lieu of cash payments in 
    connection with the exercise of stock options
Cash flow during the period for the following:
  Interest paid, net of amount capitalized
  Income taxes paid | 2000   
-------- 
$     -- 
737 
$ 25,425 
10,691



8



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AZTAR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited)
For the periods ended September 28, 2000 and September 30, 1999
---------------------------------------------------------------
(in thousands, except number of shares)



|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Nine Months    
-------------------                                                                                                                                                                                                    
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Common stock:
  Beginning balance
  Stock options exercised for 723,523 and 176,334 shares
    Ending balance
Paid-in capital:
  Beginning balance
  Stock options exercised
  Tax benefit from stock options exercised
    Ending balance
Retained earnings:
  Beginning balance
  Preferred stock dividend and losses on redemption, net of
    an income tax benefit of $13 in 1999
  Net income
    Ending balance
Treasury stock:
  Beginning balance
  Repurchase of 3,753,800 and 1,885,800 shares of common
    stock at cost
  Repurchase of 95,543 shares of common stock, at cost, in
    connection with stock options exercised in 2000
    Ending balance | 2000   
-------- 
$    506 
8 
-------- 
514 
-------- 
420,786 
5,357 
1,371 
-------- 
427,514 
-------- 
63,963 
(602)
47,929 
-------- 
111,290 
-------- 
(57,345)
(46,657)
(946)
-------- 
(104,948)
-------- 
$434,370 
========

The accompanying notes are an integral part of these financial statements.

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AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Note 1:  General
----------------
The consolidated financial statements reflect all adjustments, such adjustments being normal recurring accruals, which are necessary, in the opinion of management, for the fair presentation of the results of the interim periods; interim results, however,
may not be indicative of the results for the full year.
The notes to the interim consolidated financial statements are presented to enhance the understanding of the financial statements and do not necessarily represent complete disclosures required by generally accepted accounting principles.  There was no
interest capitalized during the quarters or nine months ended 2000 or 1999.  Capitalized costs related to various development projects, included in deferred charges and other assets, were $6,706,000 and $4,778,000 at September 28, 2000 and December 30,
1999, respectively.  For additional information regarding significant accounting policies, Las Vegas Tropicana redevelopment, long-term debt, lease obligations, and other matters applicable to the Company, reference should be made to the Company's Annual
Report to Shareholders for the year ended December 30, 1999.
Note 2: Investments in and Advances to Unconsolidated Partnership
-----------------------------------------------------------------
Following are summarized operating results for the Company¢
s unconsolidated partnership, accounted for using the equity method for the periods ended September 28, 2000 and September 30, 1999 (in thousands):

|                                                                             | Third Quarter    
----------------------                                                | Nine Months     
---------------------                                                 
|---------------------------------------------------------------------------- | --------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------
|Revenues
Operating expenses
Operating income
Interest expense
    Net income | 2000   
-------- 
$  4,514 
(684)
-------- 
3,830 
(1,199)
-------- 
$  2,631 
======== | 1999   
-------- 
$  4,272 
(684)
-------- 
3,588 
(1,024)
-------- 
$  2,564 
========

The Company's share of the above operating results, after intercompany eliminations, is as follows (in thousands):

|                                                | Third Quarter    
---------------------- | Nine Months     
-------------------
|----------------------------------------------- | ---------------------------------------- | ------------------------------------
|Equity in unconsolidated
    partnership's loss | 2000   
-------- 
$ (1,081)              | 1999   
-------- 
$    (991)        

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AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Note 3:  Long-term Debt
-----------------------
Long-term debt consists of the following (in thousands):

|8 7/8% Senior Subordinated Notes Due 2007
Revolving credit facility ("Revolver");
    floating rate, 8.21% at September 28,
    2000; matures June 30, 2003
Term loan ("Term Loan"); floating rate,
    9.21% at September 28, 2000; matures
    June 30, 2005
Other notes payable; 14.6%; maturities
    to 2002
Obligations under capital leases
Less current portion | September 28,
2000     
-------------
$235,000   
158,000   
49,500   
407   
2,127   
--------   
445,034   
(1,664)  
--------   
$443,370   
======== | December 30,
1999    
------------
$235,000  
210,100  
49,875  
594  
5,393  
--------  
500,962  
(3,334) 
--------  
$497,628  
========
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------

Note 4:  Other Long-term Liabilities
------------------------------------
Other long-term liabilities consist of the following (in thousands):

|Deferred compensation and retirement plans
Accrued rent expense
Obligation to City of Evansville and other
    civic and community organizations
Las Vegas Boulevard beautification
    assessment
Less current portion | September 28,
2000     
-------------
$ 12,546   
8,861   
612   
401   
--------   
22,420   
(2,071)  
--------   
$ 20,349   
======== | December 30,
1999    
------------
$ 12,530  
9,539  
1,800  
428  
--------  
24,297  
(3,198) 
--------  
$ 21,099  
========
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------

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AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)



12

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AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Note 7:  Earnings Per Share (continued)
---------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Third Quarter   
--------------------                                                                                                                                                                                                         | Nine Months     
--------------------                                                                                                                                                                                                             
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Income before extraordinary items
Less: preferred stock dividends
  and losses on redemption (net of   income tax benefits of $3 and 
  $13 in 1999, credited to retained
  earnings)
Income before extraordinary items
  applicable to computations
Extraordinary items
Net income applicable to
  computations
Weighted-average common shares
  applicable to earnings per
  common share
Effect of dilutive securities:
  Stock option incremental shares
  Assumed conversion of preferred
    stock
Weighted-average common shares
  applicable to earnings per
  common share assuming dilution
Earnings per common share:
  Income before extraordinary items
  Extraordinary items
  Net income
Earnings per common share
  assuming dilution:
  Income before extraordinary items
  Extraordinary items
  Net income | 2000   
-------- 
$ 14,552 
(200)
-------- 
14,352 
-- 
-------- 
$ 14,352 
======== 
40,428 
1,266 
703 
-------- 
1,969 
-------- 
42,397 
======== 
$    .35 
-- 
-------- 
$    .35 
======== 
$    .34 
-- 
-------- 
$    .34 
======== | 1999   
-------- 
$  8,561 
(141)
-------- 
8,420 
(382)
-------- 
$  8,038 
======== 
44,353 
1,159 
771 
-------- 
1,930 
-------- 
46,283 
======== 
$    .19 
(.01)
-------- 
$    .18 
======== 
$    .18 
(.01)
-------- 
$    .17 
========



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AZTAR CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (continued)

Note 8:  Contingencies and Commitments
--------------------------------------
The Company agreed to indemnify Ramada against all monetary judgments in lawsuits pending against Ramada and its subsidiaries as of the conclusion of the restructuring of Ramada (the "Restructuring") on December 20, 1989, as well as all related
attorneys' fees and expenses not paid at that time, except for any judgments, fees or expenses accrued on the hotel business balance sheet and except for any unaccrued and unreserved aggregate amount up to $5,000,000 of judgments, fees or expenses related
exclusively to the hotel business.  Aztar is entitled to the benefit of any crossclaims or counterclaims related to such lawsuits and of any insurance proceeds received.  In addition, the Company agreed to indemnify Ramada for various lease guarantees
made by Ramada relating to the restaurant business.  In connection with these matters, the Company has an accrued liability of $3,833,000 and $3,832,000 at September 28, 2000 and December 30, 1999, respectively. 
The Company is a party to various other claims, legal actions and complaints arising in the ordinary course of business or asserted by way of defense or counterclaim in actions filed by the Company.  Management believes that its defenses are substantial
in each of these matters and that the Company's legal posture can be successfully defended without material adverse effect on its consolidated financial statements.
The Tropicana Las Vegas lease agreement contains a provision that requires the Company to maintain an additional security deposit with the lessor of $21,391,000 in cash or a letter of credit if the Tropicana Las Vegas operation fails to meet certain
financial tests.  The Company has a 50% partnership interest in the lessor.
The Company has severance agreements with certain of its senior executives. Severance benefits range from a lump-sum cash payment equal to three times the sum of the executive's annual base salary and the average of the executive's annual bonuses awarded
in the preceding three years plus payment of the value in the executive's outstanding stock options and vesting and distribution of any restricted stock to a lump-sum cash payment equal to the executive's annual base salary.  In certain agreements, the
termination must be as a result of a change in control of the Company.  Based upon current salary levels and stock options, the aggregate commitment under the severance agreements should all these executives be terminated was approximately $34,000,000 at
September 28, 2000.

14

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Item 2.  Management's Discussion and Analysis
Financial Condition
Subsequent to the end of the third quarter, our board of directors authorized, on October 12, 2000, additional discretionary repurchases of up to 3.0 million shares of common stock.  During the 2000 nine-month period, we repurchased 3,753,800 shares of
common stock at prices ranging from $8.81 per share to $15.63 per share and at an average price of $12.39 per share.  Purchases under our stock repurchase program are made from time to time in the open market or in privately negotiated transactions,
depending upon market prices and other business factors.
Results of Operations
Nine Months Ended September 28, 2000 Compared to Nine Months Ended September 30, 1999
The Company's consolidated revenues in the 2000 nine-month period were $654.7 million, an 8% increase over $606.0 million in the 1999 nine-month period.  Consolidated rooms revenue was $6.2 million or 13% higher in the 2000 versus 1999 nine-month period
reflecting increases at Tropicana Atlantic City and Tropicana Las Vegas offset by slight decreases at Ramada Express and Casino Aztar Evansville.  Consolidated operating income was $96.6 million in the 2000 nine-month period, a 36% improvement over $71.2
million in the 1999 nine-month period, reflecting improved operating results at all properties.  The consolidated provision for doubtful accounts was $2.6 million or 44% lower in the 2000 versus 1999 nine-month period due to favorable risk analysis, a
lower level of receivables and a lower level of table games play at Las Vegas Tropicana.
Consolidated interest expense was $10.6 million or 25% lower in the 2000 versus 1999 nine-month period.  The decrease in interest expense was primarily a result of lower interest rates achieved through a refinancing of debt we completed in 1999.
For a discussion of income taxes and extraordinary items, refer to "Note 5: Income Taxes" and "Note 6: Extraordinary Items", respectively.
TROPICANA ATLANTIC CITY  Total revenues at Tropicana Atlantic City were $358.6 million in the 2000 nine-month period, up 10% from $326.0 million in the 1999 nine-month period.  Casino revenue was 10% higher in the 2000 versus 1999 nine-month period,
primarily reflecting an 11% increase in games revenue combined with a 9% increase in slot revenue.  The increase in games revenue was a result of increases in the volume of play and the hold percentage.  Rooms revenue was $2.4 million or 18% higher in the
2000 versus 1999 nine-month period primarily as a result of an increase in occupied rooms on a non-complimentary basis.
Tropicana Atlantic City had operating income of $68.3 million in the 2000 nine-month period, an 18% improvement over $57.9 million in the 1999 nine-month period.  Consistent with the increases in casino revenue and rooms revenue, casino costs were 10%
higher and rooms costs were 14% higher in the 2000 versus 1999 nine-month period.  Operating income is after rent and



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AZTAR CORPORATION AND SUBSIDIARIES

depreciation and amortization expenses.  Rent expense was $1.8 million in the 2000 nine-month period compared to $2.0 million in the 1999 nine-month period.  Depreciation and amortization was $19.5 million in the nine months ended 2000 compared to
$19.1 million in the nine months ended 1999.
TROPICANA LAS VEGAS   At Tropicana Las Vegas, total revenues were $117.3 million in the 2000 nine-month period, a 7% increase from $109.4 million in the 1999 nine-month period.  Casino revenue was 5% lower in the 2000 versus 1999 nine-month period,
primarily due to a 16% decrease in games revenue.  Rooms revenue was $3.9 million or 14% higher in the 2000 versus 1999 nine-month period, primarily as a result of an increase in average daily rate combined with higher occupancy.  Contributing to the
increase in total revenue was an increase in revenue from retail shops and entertainment.
Tropicana Las Vegas had operating income of $6.9 million in the 2000 nine-month period compared to an operating loss of $4.2 million in the 1999 nine-month period. Casino costs were 12% lower in the 2000 versus 1999 nine-month period, primarily due to
the decrease in games revenues.  Consistent with the increase in rooms revenue, rooms costs were 6% higher in the 2000 versus 1999 nine-month period.  Operating income or loss is after rent and depreciation and amortization expenses.  Rent expense was
$7.6 million in the 2000 nine-month period compared to $7.4 million in the 1999 nine-month period.  Depreciation and amortization was $7.2 million in the 2000 nine-month period compared to $7.5 million in the 1999 nine-month period.
RAMADA EXPRESS  At Ramada Express, total revenues were $75.3 million in the 2000 nine-month period, up 6% from $71.2 million in the 1999 nine-month period.  Operating income was $13.6 million in the 2000 nine-month period, a 17% improvement over $11.6
million in the 1999 nine-month period. Operating income is after rent and depreciation and amortization expenses.  Rent expense was $0.5 million in both periods.  Depreciation and amortization was $4.0 million in the nine months ended 2000 compared to
$3.6 million in the nine months ended 1999.
CASINO AZTAR EVANSVILLE   Total revenues at Casino Aztar Evansville were $84.5 million in the 2000 nine-month period, up 4% from $81.0 million in the 1999 nine-month period.  Operating income was $16.7 million in the 2000 nine-month period, a 4%
improvement over $16.0 million in the 1999 nine-month period.  Operating income is after rent and depreciation and amortization expenses.  Rent expense was $2.6 million in both periods.  Depreciation and amortization was $7.6 million in the 2000
nine-month period compared to $7.3 million in the 1999 nine-month period.
CASINO AZTAR CARUTHERSVILLE   Total revenues at Casino Aztar Caruthersville were $19.0 million in the 2000 nine-month period, up 3% from $18.4 million in the 1999 nine-month period.  Casino Aztar Caruthersville had operating income of $0.3 million in the
nine months ended 2000 compared to an operating loss of $0.5 million in the nine months ended 1999.  Operating income or loss is after depreciation and amortization of $2.3 million in the 2000 nine-month period compared to $2.4 million in the 1999
nine-month period.



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AZTAR CORPORATION AND SUBSIDIARIES

Quarter Ended September 28, 2000 Compared to Quarter Ended September 30, 1999
The Company's consolidated revenues in the 2000 third quarter were $222.2 million, up 6% from $208.8 million in the 1999 third quarter.  Consolidated rooms revenue was $2.6 million or 15% higher in the 2000 versus 1999 third quarter, reflecting increases
at Tropicana Atlantic City and Tropicana Las Vegas offset by decreases at Ramada Express and Casino Aztar Evansville.  Consolidated operating income was $33.8 million in the 2000 third quarter, a 25% improvement over $27.0 million in the 1999 third
quarter.  The consolidated provision for doubtful accounts was $1.0 million or 65% lower in the 2000 versus 1999 third quarter due to favorable risk analysis, a lower level of receivables and a lower level of table game play at Las Vegas Tropicana.
Consolidated interest expense was $2.8 million or 21% lower in the 2000 versus 1999 third quarter.  The decrease in interest expense was primarily a result of lower interest rates achieved through a refinancing of debt we completed in 1999.
For a discussion of extraordinary items, refer to "Note 6: Extraordinary Items".
TROPICANA ATLANTIC CITY  Total revenues at Tropicana Atlantic City were $126.6 million in the 2000 third quarter, up 8% from $117.2 million in the 1999 third quarter.  Casino revenue was 8% higher in the 2000 versus 1999 third quarter, primarily
reflecting a 7% increase in games revenue combined with an 8% increase in slot revenue.  The increase in games revenue was a result of increases in the hold percentage and the volume of play.  Rooms revenue was $1.2 million or 22% higher in the 2000
versus 1999 third quarter, primarily as a result of an increase in average daily rate combined with an increase in occupied rooms on a non-complimentary basis.
Tropicana Atlantic City had operating income of $27.2 million in the 2000 third quarter, an 11% improvement over $24.6 million in the 1999 third quarter.  Consistent with the increases in casino revenue and rooms revenue, casino costs and room costs were
11% and 20% higher, respectively, in the 2000 versus 1999 third quarter.  Operating income is after rent and depreciation and amortization expenses.  Rent expense was $0.7 million in both periods.  Depreciation and amortization was $6.4 million in both
periods.
TROPICANA LAS VEGAS  At Tropicana Las Vegas, total revenues were $38.3 million in the 2000 third quarter, a 6% increase from $36.1 million in the 1999 third quarter.  Casino revenue was 9% lower in the 2000 versus 1999 third quarter, primarily due to a
23% decrease in games revenue combined with a 4% decrease in slot revenue.  Rooms revenue was $1.5 million or 19% higher in the 2000 versus 1999 third quarter, primarily as a result of an increase in average daily rate combined with an increase in
occupied rooms on a non-complimentary basis.  Contributing to the increase in total revenue was an increase in revenue from retail shops and entertainment.

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Tropicana Las Vegas had operating income of $2.1 million in the 2000 third quarter compared to an operating loss of $2.0 million in the 1999 third quarter.  Casino costs were 13% lower in the 2000 versus 1999 third quarter, primarily due to the decrease
in games revenue.  Consistent with the increase in rooms revenue, rooms costs were 7% higher in the 2000 versus 1999 third quarter.  Operating income or loss is after rent and depreciation and amortization expenses.  Rent expense was $2.5 million in the
2000 third quarter compared to $2.4 million in the 1999 third quarter.  Depreciation and amortization was $2.4 million in the third quarter of 2000 compared to $2.5 million in the third quarter of 1999.
RAMADA EXPRESS  At Ramada Express, total revenues were $22.4 million in the 2000 third quarter, up 3% from $21.7 million in the 1999 third quarter.  Operating income was $2.3 million in both periods.  Operating income is after rent and depreciation and
amortization expenses.  Rent expense was $0.1 million in the 2000 third quarter compared to $0.2 million in the 1999 third quarter.  Depreciation and amortization was $1.4 million in the third quarter of 2000 compared to $1.2 million in the third quarter
of 1999.
CASINO AZTAR EVANSVILLE  Total revenues at Casino Aztar Evansville were $28.8 million in the 2000 third quarter, up 6% from $27.2 million in the last year's third quarter.  Operating income was $5.3 million in both periods.  Operating income is after
rent and depreciation and amortization expenses.  Rent expense was $1.1 million in the third quarter of 2000 compared to $1.0 million in the third quarter of 1999.  Depreciation and amortization was $2.6 million in the 2000 third quarter compared to $2.5
million in the 1999 third quarter.
CASINO AZTAR CARUTHERSVILLE  Total revenues at Casino Aztar Caruthersville were $6.1 million in the 2000 third quarter, an 8% decrease from $6.6 million in the 1999 third quarter.  Operating income for Casino Aztar Caruthersville was at break-even for
the third quarter of 2000 compared to an operating loss of $0.2 million in the third quarter of 1999.  Operating income or loss is after depreciation and amortization of $0.7 million in the 2000 third quarter compared to $0.9 million in the 1999 third
quarter.
Other Matters
In June 1998, the Financial Accounting Standards Board adopted Statement of Financial Accounting Standards No. 133 entitled "Accounting for Derivative Instruments and Hedging Activities," which establishes accounting and reporting standards for
derivative instruments and for hedging activities.  It requires that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value.  If specific conditions are met, a
derivative may be specifically designated as a hedge of specific financial exposures.  The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and, if it is used in hedging activities, it depends on its
effectiveness as a hedge.  SFAS 133 is effective for all fiscal quarters of fiscal years beginning after June 15, 2000.  SFAS 133 should not be applied retroactively to financial statements of prior periods.  Aztar will adopt SFAS 133 when required.
Because of our minimal use of derivatives, we do not anticipate that the adoption of SFAS 133 will have a significant effect on Aztar's earnings or financial position.

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Private Securities Litigation Reform Act
Certain information included in Aztar's 1999 Form 10-K, this Form 10-Q and other materials filed or to be filed by us with the Securities and Exchange Commission (as well as information included in oral statements or other written statements made or to
be made by us including those made in Aztar's 1999 annual report) contains statements that are forward-looking.  These include forward-looking statements relating to the following activities, among others: operation and expansion of existing properties,
including future performance; redevelopment of the Las Vegas Tropicana and financing and/or concluding an arrangement with a partner for such redevelopment; other business development activities; uses of free cash flow; stock repurchases; debt repayments;
and use of derivatives.  Such forward-looking information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking
statements made by us or on our behalf.  These risks and uncertainties include, but are not limited to, the following factors as well as other factors described from time to time in Aztar's reports filed with the SEC: construction and development factors,
including zoning issues, environmental restrictions, soil conditions, weather and other hazards, site access matters and building permit issues; factors affecting leverage and debt service, including sensitivity to fluctuation in interest rates; access to
available and
feasible financing; regulatory and licensing approvals; third-party consents, approvals and representations, and relations with partners, owners, suppliers and other third parties; reliance on key personnel; business and economic conditions; market
prices of our common stock; litigation, judicial actions and political uncertainties, including gaming legislation and taxation; and the effects of competition, including locations of competitors and operating and marketing competition.  Any
forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As of September 28, 2000, there were no material changes to the information incorporated by reference in Item 7A of the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 1999.

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AZTAR CORPORATION AND SUBSIDIARIES
PART - II OTHER INFORMATION

Item 6. Exhibits and Reports on Form 8-K

|(a) Exhibits            |                                                                                              | Page No.
-------                                                                                                                                                                                                                                                                                                                                                                                                                                     
|----------------------- | -------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                        | 10.1                                                                                         | Amendment No. 5, dated October 11, 2000, to Amended and Restated Reducing Revolving Loan Agreement, dated as of May 28, 1998, among Aztar Corporation and the lenders therein named; Bankers Trust Company and Societe
Generale, as documentation agents; Bank of Scotland, Credit Lyonnais Los Angeles Branch and PNC Bank, National Association, as co-agents; and Bank of America National Trust and Savings Association, as administrative agent.
|                        | 27.
*                                                                                        | Financial Data Schedule.
See exhibit index at page E-1 of this report for a listing of exhibits filed with this report.
All other exhibits have been omitted because the information is either not required or not applicable.                                                                                                                                                                                                                       
|(b) Reports on Form 8-K |                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|                        | The Company did not file any report on Form 8-K during the quarter ended September 28, 2000.

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AZTAR CORPORATION AND SUBSIDIARIES
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|Date  November 3, 2000   
     ------------------------- | AZTAR CORPORATION        
----------------------------------
          (Registrant)          
By  ROBERT M. HADDOCK         
   ----------------------------
    Robert M. Haddock
    Executive Vice President and
    Chief Financial Officer
|-------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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AZTAR CORPORATION AND SUBSIDIARIES

Exhibit Index
-------------

|10.1 | Amendment No. 5, dated October 11, 2000, to Amended and Restated Reducing Revolving Loan Agreement, dated as of May 28, 1998, among Aztar Corporation and the lenders therein named; Bankers Trust Company and Societe
Generale, as documentation agents; Bank of Scotland, Credit Lyonnais Los Angeles Branch and PNC Bank, National Association, as co-agents; and Bank of America National Trust and Savings Association, as administrative agent.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|27.  | Financial Data Schedule.                                                                                                                                                                                                                                                                                                                                                                                                                             

E-1

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