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Jackpot, Nevada Casino Results Fall Flat

30 July 2004

JACKPOT, Nevada – As reported by the Idaho Times-News: "A company that owns two Jackpot casinos posted record earnings for the second quarter of 2004. But those Jackpot properties, again, did nothing to fuel the company's growth.

"Ameristar Casinos Inc. again posted lower operating earnings at its Jackpot casinos just south of the Idaho border, blaming higher fuel prices and increased competition from the Fort Hall Indian Reservation. But overall, the company saw an increase in quarterly revenues of nearly 8 percent and a record second-quarter net income of $15 million.

"Las Vegas-based Ameristar owns and operates six properties in Missouri, Iowa, Mississippi and Nevada. The Nevada casinos -- Cactus Petes Resort Casino and The Horseshoe Hotel & Casino -- are major Magic Valley employers.

"…Here's a rundown on how Ameristar's Jackpot properties performed during the quarter:

"Net revenues there decreased to $15.5 million from $15.7 million in the second quarter of 2003.

"The operating income margin at Ameristar's Jackpot properties decreased by 7.3 percentage points, while the Jackpot properties' EBITDA margin dropped by 7.1 percentage points from the prior-year second quarter. Ameristar blamed costly fuel and competition from Indian gaming…"

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