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Boat operator’s profit falls

Thursday, May 1, 2003 | 9:27 a.m.

Ameristar Casinos Inc. of Las Vegas posted a decline in profit as bad weather and the war in Iraq hurt business while expenses increased.

The company earned $11.7 million in the first quarter, down $3.7 million from the prior year's quarter. Earnings per share were 44 cents, beating analysts' expectations of 35 cents yet down from 57 cents in the year-ago quarter.

The company said it expected to earn from 31 to 35 cents per share in the second quarter, lower than analysts' forecast of 39 cents.

The company reported revenue of $188.5 million, a 15.8 percent increase from a year ago. Cash flow was $50 million, a 9.9 percent increase.

Ameristar operates big riverboat or dockside casinos in Kansas City and St. Charles, Mo.; Council Bluffs, Iowa, and Vicksburg, Miss.; and has a casino-hotel in the Northern Nevada town of Jackpot on the Idaho border.

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