We are moving forward with this hotel addition now because we believe it will produce an attractive return on our investment.
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Las Vegas (Vocus) June 10, 2010
Ameristar Casinos, Inc. (NASDAQ-GS: ASCA) announced plans to add 100 rooms and a fitness center to Ameristar Casino Kansas City’s existing luxury hotel. The expansion is targeted for completion in the fourth quarter of 2011 at a cost of approximately $14 million. The addition will complement the property’s existing 184 rooms and hotel lobby, which were extensively renovated in September 2006.
“This expansion will mirror the elegance everyone has come to expect from Ameristar with the same finishes and furnishings found in our existing rooms," said Sean Barnard, Senior Vice President and General Manager of Ameristar Kansas City. “The timing is perfect; Ameristar has led the market for nearly seven consecutive years, our hotel occupancy is strong and the Missouri Gaming Commission recently approved 24-hour gaming which is scheduled to begin later this summer.”
“This project reinforces our commitment to assist our team members in delivering an exceptional entertainment and hospitality experience,” said Gordon R. Kanofsky, Ameristar Casino, Inc.’s Chief Executive Officer. “Although we have a longstanding commitment to economic development in Kansas City, we have been careful in allocating our free cash flow and capital during the recession. We are moving forward with this hotel addition now because we believe it will produce an attractive return on our investment,” explained Kanofsky.
The hotel addition will feature 80 deluxe rooms and 20 suites, and connect into the hotel on each floor utilizing the existing infrastructure. An adjoining fitness center with state-of-the-art cardiovascular and strength-training machines will be available to all hotel guests. “We are in the design phase now,” said Barnard. “Our goal is to accept construction bids in October and award the project in November.”
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, 2009 and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.
About Ameristar Casinos, Inc.
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 total entertainment experience and the highest-quality 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 http://www.ameristar.com (which shall not be deemed to be incorporated in or a part of this news release).
About Ameristar Kansas City
Ameristar Casino Hotel Kansas City is owned and operated by a wholly owned subsidiary of Ameristar Casinos, Inc. (NASDAQ-GS: ASCA), and is a premier property characterized by innovative architecture, a state-of-the-art casino floor and outstanding dining, lodging and entertainment options. The property features the largest casino and the most games in the Kansas City area, as well as one of the largest poker rooms in the Midwest. Ameristar offers nine diverse dining venues -- The Horizon Buffet, The Falcon Bakery, Pearl’s Oyster Bar, Great Plains Cattle Co., Amerisports Brew Pub, Casino Deli, Arthur Bryant’s Barbeque, Burger King and Sbarro The Italian Eatery, as well as the Star Club, a private players’ lounge. Entertainment amenities include the Star Pavilion, featuring national headliners; Depot #9, with popular regional and local acts; the Regal Cinema’s Kansas City 18 Theater; Hi-Vi video arcade; and Kids Quest, a supervised child-care facility. The property also includes a 184-room hotel. The property was awarded the Gold Award for Best Casino in Ingram’s Best of Business Edition for seven consecutive years through 2009; Best Casino in the 2003, 2005, 2007 - 2009 Kansas City Magazine’s “Best of Kansas City” readers’ poll; Best Casino and Best Place to Hear Live Music in the 2007 and the 2008 and 2009 Kansas City Convention & Visitors Association Visitors’ Choice Award for Favorite Casino. Ameristar Kansas City Casino Hotel took top honors in two 2009 reader’s choice polls: Best Casino, Casino Player’s Magazine and Favorite Casino, Midwest Gaming and Travel Magazine; and Strictly Slots 2009 readers’ poll voted Ameristar the Best Overall Casino Hotel.