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Ameristar Casinos Completes Sale of The Reserve Hotel and Casino

29 January 2001

LAS VEGAS, Nevada --(Press Release) --Jan. 29, 2001 -- Ameristar Casinos, Inc. (Nasdaq: ASCA) announced today that it has completed the sale of The Reserve Hotel and Casino located in Henderson, Nevada, a suburb of Las Vegas, to a subsidiary of Station Casinos, Inc. for an aggregate cash sales price of approximately $71.8 million.

Ameristar acquired the property in 1996 while it was under construction and opened the facility in February 1998. As part of the transaction, Ameristar has retained several members of The Reserve's management team at both its corporate office and at other properties of the company. Ameristar intends to use the net proceeds from The Reserve's sale to repay indebtedness under its senior credit facility and for working capital purposes.

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