Arizona must have changed - it used to be known as a party school.
Still is, as far as I know.
They do have a good business school.
ASU is huge. Over 50,000 students at just its main campus. Overall, it definitely has a party reputation, because it’s very easy to get into the university itself, but it can be difficult to get into specific schools/programs within the university. For example, it has good music, engineering, and business schools, and its selective Honors College is one of the best in the nation (with its graduates frequently going on to grad school at Stanford, Harvard, Yale, etc.).
It still is