Ameristar Casinos Announces Plan to Address Flood Risks at Ameristar Vicksburg
May 04 2011 - 9:00AM
Marketwired
Ameristar Casinos, Inc. (NASDAQ: ASCA) today announced that based
on estimates by the U.S. Army Corps of Engineers for the
Mississippi River, the casino facility at Ameristar Casino Hotel
Vicksburg faces a potentially extraordinary flood risk later this
month. The latest estimate by the Corps of Engineers is that the
river will crest in Vicksburg on or about May 18, 2011, at a level
above the current design parameters for the Ameristar Vicksburg
casino. We have begun construction on physical enhancements to
improve our ability to withstand the anticipated flood levels,
which we expect to complete before the river is projected to cause
any damage to our property.
If the flood threat continues to materialize, we plan to
undertake an orderly closure of Ameristar Vicksburg to ensure the
safety of our guests and team members and to minimize damage to the
property. Such a closure could last several weeks as the flood
crest is expected to last for approximately ten days to two weeks.
If our mitigation efforts are not successful, our facility could be
damaged, and the closure could be extended. In that event, we would
incur significant costs and lost profits, which would likely exceed
our limited property and business interruption insurance coverage
for flooding.
Gordon Kanofsky, Ameristar's Chief Executive Officer, said, "If
we are forced to shut down operations at the property, we are
hopeful the closure will be short-lived and that any damage will
not be significant."
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 Kansas City; Ameristar Casino Hotel Council
Bluffs (Omaha, Neb., and southwestern Iowa); Ameristar Casino
Resort Spa Black Hawk (Denver metropolitan area); Ameristar Casino
Hotel Vicksburg (Jackson, Miss., and Monroe, La.); Ameristar Casino
Hotel East Chicago (Chicagoland 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: Beth Bellaro Communications Manager Ameristar Casinos,
Inc. 702-567-7052
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