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Ameristar acquisition of Resorts East Chicago approved

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Ameristar Casinos, Inc. (Nasdaq: ASCA) today announced the Indiana Gaming Commission has approved the transfer of the ownership interest in the Resorts East Chicago casino license to Ameristar, clearing the way for the Company to enter the nation's third-largest commercial gaming market. East Chicago, Indiana, is part of the Chicagoland market, which generates more than $2.5 billion in gaming revenues annually and serves roughly 6.4 million adults.

The approval came earlier today during a regularly scheduled Commission meeting. Ameristar anticipates closing the acquisition on Sept 18, 2007, and will re-brand the property to the Ameristar name within 12 months, after making improvements to the food and beverage offerings, the mix of games on the casino floor and other aspects of the facility. The Company also intends to adapt the Ameristar operational and marketing approaches at East Chicago that have been successful in other markets.

"I want to thank the Commission for its thorough review of our application as we move forward with the impending completion of this acquisition," said John Boushy, CEO and President of Ameristar. "We are eager to begin operations in Indiana with a highly attractive market that provides a stable regulatory environment. We look forward to introducing our plans to establish the Ameristar brand in a new state and the Chicagoland area over the next several months."

Ameristar is purchasing the company that owns and operates Resorts East Chicago from Resorts International Holdings, LLC for $675 million in cash. Resorts International Holdings, LLC is an affiliate of Colony Capital and its partner, Nicholas L. Ribis.

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