SOURCE: Ameristar Casinos, Inc.

Ameristar Casinos, Inc.

April 19, 2011 12:42 ET

Ameristar Casinos Completes Repurchase of Shares From the Estate of Craig H. Neilsen

LAS VEGAS, NV--(Marketwire - Apr 19, 2011) - Ameristar Casinos, Inc. (NASDAQ: ASCA) announced today that it has completed the previously announced repurchase of 26,150,000 shares of its common stock from the Estate of Craig H. Neilsen at a price of $17.50 per share, for a total price of $457,625,000. The repurchased shares represent approximately 45 percent of Ameristar's outstanding shares and 83 percent of the Neilsen Estate's ownership in Ameristar at the time the repurchase agreement was entered into. Following the completion of the repurchase transaction and the open market sales of 570,000 shares by the Estate in March and April 2011, the Neilsen Estate now owns approximately 15 percent of Ameristar's outstanding common stock.

Thomas Steinbauer, Chief Financial Officer of Ameristar, said, "We are very pleased to complete the repurchase of shares from the Neilsen Estate and the recent opportunistic refinancing of our long-term debt on favorable terms within just seven weeks. The successful completion of these strategic transactions enhances our financial flexibility and allows us to focus on meaningful growth opportunities in the future. Moreover, excluding certain one-time costs, we expect the share repurchase to be immediately accretive to Ameristar's earnings and free cash flow per share."

Forward-Looking Information
This release contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as "believes," "estimates," "anticipates," "intends," "expects," "plans," "is confident that," "should" or words of similar meaning, with reference to Ameristar or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks and uncertainties that could materially affect our future results, attention is directed to "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2010.

About Ameristar
Ameristar Casinos, Inc. is a leading Las Vegas-based gaming and entertainment company known for its premier properties characterized by state-of-the-art casino floors and superior dining, lodging and entertainment offerings. Ameristar's focus on the highest quality gaming experience and exceptional guest service has earned it leading positions in the markets in which it operates. Founded in 1954 in Jackpot, Nev., Ameristar has been a public company since November 1993. The Company has a portfolio of eight casinos in seven markets: Ameristar Casino Resort Spa St. Charles (greater St. Louis); Ameristar Casino Hotel East Chicago (Chicagoland area); Ameristar Casino Hotel Kansas City; Ameristar Casino Hotel Council Bluffs (Omaha, Neb., and southwestern Iowa); Ameristar Casino Hotel Vicksburg (Jackson, Miss., and Monroe, La.); Ameristar Casino Resort Spa Black Hawk (Denver metropolitan area); and Cactus Petes Resort Casino and The Horseshu Hotel and Casino in Jackpot, Nev. (Idaho and the Pacific Northwest).

Visit Ameristar Casinos' website at www.ameristar.com (which shall not be deemedto be incorporated in or a part of this news release).

Contact Information

  • CONTACT:

    Tom Steinbauer
    Senior Vice President, Chief Financial Officer
    Ameristar Casinos, Inc.
    702-567-7000