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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Ameristar Casino sees profits, revenues decline

6 May 2013

LAS VEGAS -- Regional gaming operator Ameristar Casinos, Inc. said a decline in revenues and profits in the first quarter was due to economic factors and new competition in several markets.

Las Vegas-based Ameristar, which is being acquired by rival Pinnacle Entertainment, Inc. in a $2.8 billion buyout, said Friday its net income for the quarter that ended March 31 was $18 million, or 51 cents per share.

A year ago, Ameristar reported net income of $41.4 million or $1.21 per share.

Ameristar’s overall revenues fell 5.5 percent to $295.1 million.

“The year-over-year decline in net income was mostly attributable to the decrease in net revenues, a prior-year reduction in the income tax provision due to certain income tax elections and the incurrence of merger-related costs in the current period,” the company said in a statement.

Ameristar operates eight hotel-casinos in Northern Nevada, Colorado, Iowa, Missouri, Mississippi and Indiana. The company is building the $580 million Ameristar Casino in Lake Charles, La., which is expected to open in 2014.