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Ameristar Casinos Sells $380 Million in Senior Subordinated Notes

2 February 2001

LAS VEGAS –(Press Release) -- Feb. 2, 2001 -- Ameristar Casinos, Inc. (Nasdaq: ASCA) announced today it has completed a private placement of 10 3/4% Senior Subordinated Notes due 2009 in the aggregate principal amount of $380 million. The aggregate principal amount of the notes offered and sold was increased from the originally intended principal amount of $300 million. The notes were priced at 98.678%.

Ameristar will use the net proceeds to repay the entire $300 million in principal amount outstanding under its senior subordinated credit facility and interest accrued thereon, to partially repay and permanently reduce term loans under its senior credit facilities by $50 million, to repay revolving loans under its senior credit facilities and for working capital purposes.

``We are pleased we now have a long-term capital structure in place that will allow us to pursue our strategic plans,'' says Ameristar's President and Chief Executive Officer Craig H. Neilsen. ``This allows us to focus our efforts on maximizing the efficiency and profitability of our existing operations to increase shareholder value.''

The Notes are being sold to qualified institutional buyers in reliance on Rule 144A and outside the United States in compliance with Regulation S. The Notes have not been registered under the Securities Act of 1933, as amended (the ``Securities Act''), and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

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