Ameristar Updates Impact Study on Missouri's 13th Casino License Location
September 28 2010 - 8:30AM
Marketwired
Ameristar Casinos, Inc. (NASDAQ: ASCA) announced today results of
an updated analysis of four locations for the 13th Missouri
Riverboat Casino license. The new analysis includes specifics
submitted by the four interested gaming operators as well as
updated St. Louis and Kansas City gaming market results, and
demonstrates that Cape Girardeau remains the best location for the
13th gaming license due to the amount of incremental gaming revenue
and associated taxes it will produce.
"A Cape Girardeau casino will generate twice the amount of
incremental tax revenue for education in the State of Missouri than
will be generated by a North St. Louis-area casino and four times
more than will be generated by a Sugar Creek casino," said Troy
Stremming, Ameristar's Senior Vice President of Government
Relations and Public Affairs. "When considering gaming expansion,
it is critical to distinguish between gaming revenue that a new
facility takes from existing Missouri-based casinos and how much it
takes from casinos in other states or generates as new incremental
gaming revenue," Stremming said.
Total forecasted Adjusted Gross Revenue (AGR) for a new Cape
Girardeau facility is $88.7 million, of which virtually none would
be cannibalized from existing Missouri casinos. The nearest
Missouri casino to Cape Girardeau is 80 miles away in
Caruthersville. Ameristar estimates that the Sugar Creek casino
would derive 81% of its revenue from existing Missouri casinos, the
St. Louis proposal 72% and the North St. Louis County proposal 66%.
In addition, a license could be promptly issued in Cape Girardeau
since there will be no need to consider longer term competitive
conditions and economic impacts of new gaming operations in St.
Louis and Kansas City.
Ameristar completed its first analysis on May 24, 2010 after
Missouri Gaming Commission officials called for existing and
potential casino operators to conduct economic impact studies to
determine which location would add the most incremental revenue to
the state.
ABOUT AMERISTAR Ameristar Casinos, Inc. is
a leading Las Vegas-based gaming and entertainment company known
for its premier properties characterized by 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 leading positions in
the markets in which it operates. Founded in 1954 in Jackpot, Nev.,
Ameristar has been a public company since November 1993. The
Company has a portfolio of eight casinos in seven markets:
Ameristar Casino Resort Spa St. Charles (greater St. Louis);
Ameristar Casino Hotel East Chicago (Chicagoland area); Ameristar
Casino Hotel Kansas City; Ameristar Casino Hotel Council Bluffs
(Omaha, Neb., and southwestern Iowa); Ameristar Casino Hotel
Vicksburg (Jackson, Miss., and Monroe, La.); Ameristar Casino
Resort Spa Black Hawk (Denver metropolitan area); and Cactus Petes
Resort Casino and The Horseshu Hotel and Casino in Jackpot, Nev.
(Idaho and the Pacific Northwest).
Visit Ameristar Casinos' website at www.ameristar.com (which
shall not be deemed to be incorporated in or a part of this news
release).
Add to Digg Bookmark with del.icio.us Add to Newsvine
A SPAC I Acquisition (NASDAQ:ASCA)
Historical Stock Chart
From Jun 2024 to Jul 2024
A SPAC I Acquisition (NASDAQ:ASCA)
Historical Stock Chart
From Jul 2023 to Jul 2024