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Ameristar Amends Credit Facilities to Reduce Pricing

LAS VEGAS – (Press Release) -- Ameristar Casinos, Inc. (Nasdaq: ASCA) today announced that it has amended its senior credit facilities, effective March 1, 2004. The amendment (1) consolidates the revolving term loan facility, term loan A and term loan B, under which $33.5 million, $13.7 million and $286.8 million, respectively, were outstanding immediately prior to the amendment, into a new term loan B-1; (2) reduces the applicable interest rate margin on term loan B-1 to 200 basis points over LIBOR, a reduction of 50 basis points compared to the margin on former term loan B; and (3) permits Ameristar to pay cash dividends on its common stock in a total amount not to exceed $25.0 million. The amendment does not affect the terms of the $75.0 million revolving credit facility, under which $68.5 million is currently available for borrowing. Ameristar was not required to pay a fee to its lenders in connection with the amendment.

"We are very pleased that our lenders have recognized the continued improvement in our operating results and financial condition and agreed to reprice our senior credit facilities," said Craig H. Neilsen, President and Chief Executive Officer. "This amendment significantly reduces our existing interest cost and affords us the flexibility to pay cash dividends should we choose to do so."

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