Ameristar Casino sees profits, revenues decline
Regional gaming operator Ameristar Casinos said a decline in revenues and profits in the first quarter was due to economic factors and new competition in several markets.
Las Vegas-based Ameristar, which is being acquired by rival Pinnacle Entertainment in a $2.8 billion buyout, said Friday its net income for the quarter that ended March 31 was $18 million, or 51 cents per share.
A year ago, Ameristar reported net income of $41.4 million or $1.21 per share.
Ameristar’s overall revenues fell 5.5 percent to $295.1 million.
“The year-over-year decline in net income was mostly attributable to the decrease in net revenues, a prior-year reduction in the income tax provision due to certain income tax elections and the incurrence of merger-related costs in the current period,” the company said in a statement.
Ameristar operates eight hotel-casinos in Northern Nevada, Colorado, Iowa, Missouri, Mississippi and Indiana. The company is building the $580 million Ameristar Casino in Lake Charles, La., which is expected to open in 2014.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.
