Third-quarter profit jumps

Thursday, Oct. 28, 2004 | 10:58 a.m.

Profit at Ameristar Casinos Inc. rose 40 percent in the third quarter in part because of cost-containment strategies and improved slot machine technology across its properties.

The Las Vegas-based company reported profit of $16.6 million or 60 cents per share compared with profit of $11.9 million or 45 cents per share for the third quarter of last year. The company beat analysts' estimates of 52 cents per share.

Revenue rose 7 percent to $215.7 million and cash flow increased 18 percent to $59.2 million.

Casino revenue rose 10 percent to $215 million, food and beverage revenue increased 11 percent to $28.8 million and hotel revenue grew 5 percent to $7 million.

The company said it expected to earn 41 cents to 45 cents per share in the fourth quarter. Analysts expect the company to earn 43 cents per share.

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