Ameristar Casinos reports profit increase in quarter

Published Wednesday, Nov. 4, 2009 | 9:36 a.m.

Updated Wednesday, Nov. 4, 2009 | 11:32 a.m.

Ameristar Casinos Financial Information

	3Q 2009	3Q 2008	% Change	2Q 2009
Revenue	$299.4 million	$321.4 million	-6.8%	$308.9 million
Net income	$14.5 million	$14.3 million	1.4%	$14.3 million
Net income per share	25 cents	25 cents	Unchanged	25 cents

Headlines from the Vegas gaming industry

Las Vegas-based casino operator Ameristar Casinos reported relatively unchanged profit during the third quarter despite a drop in the company’s revenue.

The company said its net income for the quarter was $14.5 million compared to $14.3 million in the third quarter of 2008. Earnings per share remained flat at 25 cents during the year-over-year period.

Revenue fell 6.8 percent during the third quarter of 2009 to $299.4 million from $321.4 million in the same period of 2008.

Earnings before interest, taxes, depreciation and amortization declined 2.1 percent to $79.3 million during the third quarter of 2009 compared to $81 million in the same period of 2008.

Net income at Ameristar’s Jackpot, Nev., properties also remained relatively flat with $4.2 million in the third quarter of 2009 compared to $3.9 million in the same quarter of 2008. Net revenue decline slightly to $17.3 million in 2009 from $18.5 million in 2008.

Ameristar opened a 33-story, 536-room hotel and spa at its Black Hawk Casino in Black Hawk, Colo. on Sept. 29. The company said revenue increased 24.2 percent at its Black Hawk casino during the year-over-year period, prior to the hotel’s opening.

Ameristar owns eight casinos in Jackpot, Nev., Indiana, Colorado, Missouri, Iowa and Mississippi.

The company's stock added 55 cents, or 3.6 percent, to $15.92 in morning trading.

Discussion: 7 comments so far…

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By BorisR

Nov. 4, 2009

10:41 a.m.

Suggest removal

What casinos are in control of AmeriStar casinos in the Vegas valley?
By stratboy

Nov. 4, 2009

11:25 a.m.

Suggest removal

None, however, their corporate offices are in the Howard Hughes Parkway, across from Tuscany. They do own some properties in Jackpot, so they are licensed to do business here. Just like Pinnacle, they are a regional company with no properties in Vegas nor Atlantic city.
By That_Anonymous_Guy

Nov. 4, 2009

11:26 a.m.

Suggest removal

Boris, Ameristar does not own any casinos in Las Vegas, even though it's based here.

They once owned the Fiesta Henderson (then known as the Reserve), but sold it to Station Casinos years ago. They haven't been in the market since.
By BorisR

Nov. 4, 2009

12:15 p.m.

Suggest removal

Thanks for that info, guys. I remember the Reserve as I was there for Grand Opening. Fantastic casino with so many full pay machines, it was awesome. Hit 2 Royals in the first week of operation!!! (only quarters, though).

I have been to Mesquite, Laughlin, Pahrump, checked out pretty much most of the cities in the Southern part of Nevada. Haven't been to Jackpot yet. Is it worth a trip? Can anybody give me info on that? What's the driving time? Any good hotels there visiting? comps, poker games? Anything worth the drive?

Thanks and greetings from Switzerland
By That_Anonymous_Guy

Nov. 4, 2009

12:23 p.m.

Suggest removal

Jackpot is a LONG way from here... it's on the northeast side of Nevada on the Idaho state line. About 450 miles, I think.

Never been there, so couldn't tell you what's worth seeing there. But it would probably be an interesting road trip getting there...
By rodtig

Nov. 4, 2009

1:01 p.m.

Suggest removal

Ameristar has a casino in Vicksburge Ms.where there is at least 4 to 5 other docked Riverboat casinos.It has a great location as you come over the Mississippi River bridge you see it just to the left and you get off the first exit comming into Mississippi.They have converted to a land based casino and added a parking garage plus aconvention area and a little more gamming area since Hurricane Katrina when the State of Mississippi changed its law to alow exisisting casinos become land based.They also have renovated their hotel which is seperate and higher of the bluff.
Ameristar in Vicksburge has done a great job competeing with casinos in Philidelphia Ms.,Bolouxi Ms.,Natchez Ms.,Tunica Ms. Shreveport La.,Bosier City La.,New Orleans La.,and several other areas in Louisianna.
It is not a large casino but they have a very good reputation in the south.
I am glad to here they are holding their own still through this rough economy and hope that they are able to one day own in Las Vegas.
I would definatly visit any operation that they had here in Las Vegas because Ameristar has away of being hospitable to its patrons.
Their resturants at the Vicksburge casino are a real pleasure to patron and the buffet is the best in the area.The overall customer service and attitude has that goodole Southern Hospitality twist which Vegas could use.
Recently having moved here from Memphis Tn.I was suprised at the difference between the hospitality between the Vegas operations and Ameristar casino in Vicksburge.Yes The Vegas operations are at at 100 times larger scale but the hospitality is bar none in Vicksburge.You can tell that they know where their paycheck comes from.You can see a difference in the operations in Tunica Ms. and I see why Tunica operations are strugling because they are majority ownd by Vegas operations with the Vegas and Atlantic City attitude.I am mostley bashing Las Vegas and I appologize but I now live here and see from the outside why Vegas is struggling and hope that one day Executives here in Vegas realize that they have to impose a new attitude in their opperations in Vegas.The Sands casinos are only casinos that are trying to hold on to hospitality but even their it is on the wall like Humpty Dumpty.
I want Vegas to be Vegas and want it to thrive as it has in the past.I love this City.