Ameristar Casinos Announces Reconfiguration of Proposed Philadelphia Gaming Site
June 06 2005 - 4:19PM
PR Newswire (US)
Ameristar Casinos Announces Reconfiguration of Proposed
Philadelphia Gaming Site Maintains Fishtown Location While
Relinquishing Option on Part of Original Site LAS VEGAS, June 6
/PRNewswire-FirstCall/ -- Ameristar Casinos, Inc. (NASDAQ:ASCA)
today announced that it has renewed its option to purchase 13 acres
of prime Delaware waterfront in the Fishtown section of
Philadelphia, and has acquired the right to purchase 14 acres
southwest of the site as well. At the same time, the Las
Vegas-based company announced that it has relinquished its option
on a 33-acre parcel north of the reconfigured site owned by Beach
Street Corporation, whose owners include Sen. Michael Stack III and
members of the Stack family. The reconfigured site effectively
shifts the proposed gaming location less than 400 yards to the
south, while maintaining the easy access to Interstate 95 that
distinguishes the site from other proposed gaming locations in the
City. "We continue to believe that the northern Delaware waterfront
represents a terrific location for gaming in Philadelphia," said
Gordon R. Kanofsky, Executive Vice President of Ameristar, in
announcing the new developments. "We anticipate a total investment
of up to $500 million to build a world-class gaming and
entertainment complex on par with the market-leading properties our
company is well-known for in the gaming industry. "To realize our
vision, to generate the maximum economic benefits to the city, and
to deliver a project we believe Philadelphians deserve, we need a
large site in a prime location, with easy access to both I-95 and
Center City with minimal impact on residential neighborhoods,"
Kanofsky said. "We believe a northern Delaware River location meets
these objectives, and we remain eager to move forward in our effort
to win a gaming license in Philadelphia." Ameristar acknowledged
that it had negotiated the reconfiguration of the site specifically
to eliminate the Beach Street parcel from the transaction after
concluding that its best interests lie in pursuing a gaming license
for a site that does not include the Beach Street parcel. Ameristar
originally entered into the option on the Beach Street parcel in
August 2004. At that time, Ameristar was unaware of the potential
for conflict of interest concerns as a result of Senator Michael
Stack's alleged failure to adequately disclose his 4% interest in
Beach Street Corporation in accordance with Senate rules. "This
decision is consistent with Ameristar's corporate culture and our
long track record of strong regulatory compliance in some of the
most stringent gaming jurisdictions in the United States," Kanofsky
said. Ameristar is currently conducting site due diligence on the
recently optioned parcels as it evaluates the development potential
of its reconfigured site along the northern Delaware River. During
this evaluation period, Ameristar continues to explore other
options for the development of a first-class casino-entertainment
facility in Philadelphia. Forward-Looking Information This press
release contains certain forward-looking information that generally
can be identified by the context of the statement or the use of
forward-looking terminology, such as "believes," "estimates,"
"anticipates," "intends," "expects," "plans," "is confident that"
or words of similar meaning, with reference to Ameristar or our
management. Similarly, statements that describe our future plans,
objectives, strategies, financial results or position, operational
expectations or goals are forward-looking statements. It is
possible that our expectations may not be met due to various
factors, many of which are beyond our control, and we therefore
cannot give any assurance that such expectations will prove to be
correct. For a discussion of relevant factors, risks and
uncertainties that could materially affect our future results,
attention is directed to "Item 1. Business - Risk Factors" and
"Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Annual Report on Form
10-K for the year ended December 31, 2004. About Ameristar
Ameristar Casinos, Inc. is a leading Las Vegas-based gaming and
entertainment company known for its premier properties
characterized by innovative architecture, state-of-the-art casino
floors and superior dining, lodging and entertainment offerings.
Ameristar's focus on the total entertainment experience and the
highest quality guest service has earned it a leading market share
position in each of the markets in which it has operated for at
least a year. With over 130,000 square feet of gaming space each,
the Company's two Missouri properties are among the 15 largest
casinos in the world. Founded in 1954 in Jackpot, Nevada, Ameristar
has been a public company since November 1993 and has annual
revenues of approximately $1 billion. The company owns and operates
seven casinos in six markets: Ameristar St. Charles (greater St.
Louis); Ameristar Kansas City; Ameristar Council Bluffs (Omaha,
Nebraska and southwestern Iowa); Ameristar Vicksburg (Jackson,
Mississippi and Monroe, Louisiana); Mountain High Casino Black Hawk
(greater Denver, Colorado); and Cactus Petes and the Horseshu in
Jackpot, Nevada (Idaho and the Pacific Northwest). Visit Ameristar
Casinos' Web site at http://www.ameristar.com/ (which shall not be
deemed to be incorporated in or a part of this news release).
http://www.newscom.com/cgi-bin/prnh/20040930/LATH017LOGO
http://photoarchive.ap.org/ DATASOURCE: Ameristar Casinos, Inc.
CONTACT: Kevin A. Feeley of Bellevue Communications Group,
+1-215-893-4285; or Kathy Callahan of Ameristar Casinos, Inc.,
+1-702-567-7000; or Barbara Grant of Cardenas, Grant & Negron,
+1-215-520-8849
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