Gaming Strategy
Featured Stories
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Search Our Archive of Gaming Articles 

Ameristar Casinos Closes Common Stock Offering

17 December 2001

LAS VEGAS, Nevada – (Press Release) --Dec. 17, 2001 -- Ameristar Casinos, Inc. (Nasdaq: ASCA) today announced the closing of a public offering of an aggregate of 6,900,000 shares of its common stock at $20.50 per share. Of the shares sold, 4,900,000 were sold by Ameristar and 2,000,000 were sold by Craig H. Neilsen, Ameristar's Chairman, President and Chief Executive Officer. Ameristar now has approximately 25.8 million shares of common stock issued and outstanding, of which Mr. Neilsen owns 15.7 million shares, or 61 percent, and non-affiliates own approximately 10.1 million shares, or 39 percent.

Of the shares of common stock sold by Ameristar, 900,000 shares were sold pursuant to the full exercise of an over-allotment option granted by Ameristar to the underwriters. Bear, Stearns & Co. Inc. and Merrill Lynch & Co. acted as the joint book-running managers of the offering, and CIBC World Markets acted as a co-manager.

Ameristar has received proceeds of approximately $94 million, net of underwriting discounts and related expenses, from the offering and intends to use these proceeds to prepay term loans under its senior credit facilities as required by the terms of the governing credit agreement. Ameristar did not receive any proceeds from the sale of the shares of common stock by Mr. Neilsen.

Ameristar Casinos, Inc is a multi-jurisdictional developer, owner and operator of casinos and related hotel and entertainment facilities in five markets located in Missouri, Iowa, Mississippi and Nevada.

< Gaming News