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December 4, 2009

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LV casino company to miss profit estimates

Friday, Jan. 19, 2001 | 10:50 a.m.

Ameristar Casinos Inc. of Las Vegas warned investors that it expects fourth-quarter earnings to fall below analyst expectations.

The company said it expects to earn 2 cents per share before extraordinary charges for the quarter ending Dec. 31; analysts had expected 4 cents per share.

The company will also record a one-time charge of $9.9 million, associated with the retirement of $215 million in debt. That will cause Ameristar to post a loss of 31 cents per share for the quarter.

Ameristar blamed poor weather conditions across the Midwestern region as hurting its earnings outlook, a reason cited by several other casino operators for earnings shortfalls. The company also said disruption caused by construction activity at its casinos in Council Bluffs, Iowa, and Vicksburg, Miss., hurt business at both properties.

Ameristar acquired Station Casinos Inc.'s properties in Kansas City and St. Charles, Mo., on Dec. 20, and recorded revenues from the properties for the final 11 days of the quarter. However, the company said those additional earnings were offset by a $2 million one-time charge related to acquisition, interest and depreciation costs.

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