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Ameristar Casinos Commences Tender Offer for $100 Million of Outstanding Notes

20 November 2000

LAS VEGAS, Nevada – (Press Release) -- Nov. 20, 2000 -- Ameristar Casinos, Inc. announced today that it has commenced a cash tender offer for all $100 million of its 10 1/2 percent Senior Subordinated Notes due 2004, Series B (the ``Notes'').

In conjunction with the tender offer, Noteholder consents are being solicited to approve certain amendments to the indenture governing the Notes.

The tender offer and consent solicitation are subject to the terms and conditions in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2000. The tender offer will expire at midnight, New York City time, on Monday, Dec. 18, 2000, unless extended by Ameristar Casinos. The consent solicitation will expire at midnight, New York City time on Monday, Dec. 4, 2000, unless extended.

The tender offer purchase price will be paid for Notes validly tendered and accepted for purchase, as well as accrued and unpaid interest up to, but not including, the tender offer acceptance date. The total consideration paid for each validly tendered Note and properly delivered consent will be based upon a fixed spread of 50 basis points over the yield to maturity on the applicable reference U.S. Treasury Note, and includes a consent payment of $30.00 per $1,000 principal amount of Notes. The yield to maturity of the reference U.S. Treasury Note used in the fixed spread formula will be set at 2 p.m., New York City time, on Dec. 14, 2000.

Ameristar Casinos is also seeking consents from the registered holders of the Notes to certain proposed amendments to the indenture relating to the Notes. Holders will be required to consent to the proposed amendments in order to tender their Notes and will be required to tender their Notes in order to consent to the proposed amendments.

Ameristar Casinos, through certain of its affiliates, has signed definitive agreements to purchase substantially all of the assets of Station Casino Kansas City and Station Casino St. Charles from subsidiaries of Station Casinos, Inc.

In a separate transaction, Ameristar Casinos, through its affiliate, has signed a definitive agreement to sell The Reserve Hotel Casino to a subsidiary of Station Casinos, Inc. These asset purchase and sale transactions are subject to a number of conditions, including gaming and other regulatory approvals.

The consummation of the tender offer and consent solicitation are also subject to a number of conditions, including the consummation of the asset purchase transactions, a financing condition and the valid tender of at least a majority in aggregate outstanding principal amount of Notes, as set forth in the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2000. The Company has received commitments, subject to customary closing conditions, from affiliates of Deutsche Bank to provide credit facilities for the asset purchase transactions and the tender offer.

Deutsche Banc Alex. Brown is the dealer manager for the tender offer and consent solicitation and can be reached at (800) 553-2826. Requests for assistance or additional sets of the offer materials may be directed to MacKenzie Partners, Inc., at (800) 322-2885 or (212) 929-5500.

This announcement is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to the Notes. The tender offer and consent solicitation are being made solely by the Offer to Purchase and Consent Solicitation Statement dated Nov. 20, 2000.

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