Ameristar Casinos Completes Repurchase of Shares From the Estate of Craig H. Neilsen
April 19 2011 - 12:42PM
Marketwired
Ameristar Casinos, Inc. (NASDAQ: ASCA) announced today that it has
completed the previously announced repurchase of 26,150,000 shares
of its common stock from the Estate of Craig H. Neilsen at a price
of $17.50 per share, for a total price of $457,625,000. The
repurchased shares represent approximately 45 percent of
Ameristar's outstanding shares and 83 percent of the Neilsen
Estate's ownership in Ameristar at the time the repurchase
agreement was entered into. Following the completion of the
repurchase transaction and the open market sales of 570,000 shares
by the Estate in March and April 2011, the Neilsen Estate now owns
approximately 15 percent of Ameristar's outstanding common stock.
Thomas Steinbauer, Chief Financial Officer of Ameristar, said,
"We are very pleased to complete the repurchase of shares from the
Neilsen Estate and the recent opportunistic refinancing of our
long-term debt on favorable terms within just seven weeks. The
successful completion of these strategic transactions enhances our
financial flexibility and allows us to focus on meaningful growth
opportunities in the future. Moreover, excluding certain one-time
costs, we expect the share repurchase to be immediately accretive
to Ameristar's earnings and free cash flow per share."
Forward-Looking Information This 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,"
"should" 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 1A. 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, 2010.
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 highest quality gaming experience and
exceptional 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).
CONTACT: Tom Steinbauer Senior Vice President, Chief
Financial Officer Ameristar Casinos, Inc. 702-567-7000
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