Missouri casinos boost earnings for LV company

Tuesday, July 31, 2001 | 10:24 a.m.

An increase in revenues from two Missouri casinos acquired by Ameristar Casinos Inc. has boosted the company's earnings to record levels.

Las Vegas-based Ameristar acquired properties in Kansas City and St. Charles from Station Casinos Inc. in December for $475 million. Those casinos generated $88.5 million in revenues in the second quarter, ended June 30.

The company reported earnings of $8.9 million, 40 cents a share, on revenues of $151.9 million for the quarter. In the same quarter a year earlier, the company reported a loss of $483,000, 2 cents a share, on revenue of $81.9 million.

Revenue generated at the two Missouri casinos offset the absence of revenue from the Reserve hotel-casino in Henderson, which the company sold to Station Casinos in January. Revenue was up slightly at Ameristar's Council Bluffs, Iowa, casino, but down at its Jackpot properties on the Nevada-Idaho border and the company's casino in Vicksburg, Miss.

Ameristar President and Chief Executive Officer Craig Neilsen attributed the success of the Missouri casinos to the introduction of 450 new-technology, multicoin slot machines.