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Ameristar's Strong Fourth Quarter Earnings Show Why Its Casinos Are Not For Sale
On February 2, 2007, company officials of Ameristar Casinos, a Las Vegas based gaming company, announced that the company is not for sale.
At present, Ameristar operates 7 gambling casinos in different 5 states. It is the first time that they had reported their quarterly earnings since the death of Craig Nielsen, Chairman and Founder of Ameristar, last November.
John Boushy, the new CEO of Ameristar, announced that an aggressive expansion program of the company's casinos in St. Charles, Missouri, Vicksburg, Mississippi, and Black Hawk, Colorado will begin and is expected to gain earnings. According to Boushy, the company goal is to double their earnings and remain the most profitable operator in the market.
Ameristar said its net earnings were over $17 million, or $0.31 per share, in the fourth quarter which ended on December 31st. The net earnings were more than $14 million higher, or $0.25 per share, compared to the previous year.
Meanwhile, the company's revenue rose less than 1%, from a little over of $243 million to over $244 million.
Many gaming investment analysts speculated that the death of its founder would lead to an Ameristar sale, but the company continues to push forward.
Monday, February 26 , 2007
Brian Letendre