Ameristar Casinos Terminates Efforts to Pursue Western Massachusetts Casino License
November 30 2012 - 4:05PM
Marketwired
Ameristar Casinos, Inc. (NASDAQ: ASCA) announced today it has
decided to terminate its efforts to seek a casino license in
western Massachusetts. Although the Company believes it had the
superior proposal for a casino in western Massachusetts, the
Company concluded that there is not a sufficient likelihood that
the basis upon which it could be awarded the license to develop and
operate a casino in Springfield is favorable enough to warrant its
further pursuit. Specifically, the local selection process, various
project requirements and associated costs led to the decision to
reserve Ameristar's resources for the Company's growth and
diversification for other more attractive opportunities.
Ameristar has not made a determination at this time concerning
plans for marketing the 40-acre site it owns on Page Boulevard in
Springfield. Ameristar believes this is the single largest
commercially developable site in the City of Springfield. The
site's size, location and ease of access to major highways make it
attractive for a variety of large scale developments in addition to
a casino.
"This was a difficult decision that will unfortunately result in
us not being able to bring a world-class casino entertainment
facility to western Massachusetts. However, I am extremely proud of
the efforts of our team members who aggressively pursued this
project. We are grateful for the hundreds of meaningful
relationships we have built in the Pioneer Valley and the
Commonwealth and for the widespread community support we received
over the last year while introducing New Englanders to our
Company," said Gordon Kanofsky, Ameristar's Chief Executive
Officer.
Ameristar will continue its disciplined pursuit of acquisition
and development opportunities to grow and diversify the Company
that meet its risk and return on investment criteria. Ameristar
seeks to maximize long-term shareholder value through the efficient
operation of its properties and a balanced approach to debt
repayment, dividends, share repurchases and the strategic pursuit
of growth opportunities.
About Ameristar
Ameristar Casinos is an innovative casino gaming company
featuring the newest and most popular slot machines. Our 7,200
dedicated team members pride themselves on delivering consistently
friendly and appreciative service to our guests. We continuously
strive to increase the loyalty of our guests through the quality of
our slot machines, table games, hotel, dining and other leisure
offerings. Our eight casino hotel properties primarily serve guests
from Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana,
Mississippi, Missouri, Nebraska and Nevada. We began construction
on our ninth property, a casino resort in Lake Charles, La., in
July 2012, which we expect will open in the third quarter of 2014.
We have been a public company since 1993, and our stock is traded
on the Nasdaq Global Select Market. We generate more than $1
billion in net revenues annually.
Visit Ameristar Casinos' website at www.ameristar.com (which
shall not be deemed to be incorporated in or a part of this news
release).
CONTACT: Roxann M. Kinkade, APR Director of
Communications Ameristar Casinos, Inc. 816-414-7007 (office)
816-719-9494 (mobile)
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