Ameristar Casinos Announces Stock Repurchase Program
September 15 2011 - 10:00AM
Marketwired
Ameristar Casinos, Inc. (NASDAQ: ASCA) today announced that its
Board of Directors has authorized the repurchase of up to $75
million of its outstanding common stock in a stock repurchase
program. The shares may be repurchased from time to time through
Sept. 30, 2014 in the open market or privately negotiated
transactions at the Company's discretion.
"The decision to initiate this stock repurchase program reflects
our confidence in our current business and growth prospects," said
Gordon Kanofsky, Chief Executive Officer. "Our solid financial
performance, demonstrated by our healthy balance sheet and strong
free cash flow generation, allows us to opportunistically return
capital to our shareholders in a manner we anticipate will have a
positive effect on our earnings per share."
Ameristar expects to fund repurchases using cash on hand and its
existing senior credit facility. The amount and timing of specific
repurchases, if any, will depend on market conditions, stock price
and other factors.
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 Dec. 31, 2010 and "Item 1A. Risk Factors" and "Item 2.
Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2011.
About Ameristar Ameristar Casinos is an
innovative casino gaming company featuring the newest and most
popular slot machines. Our 7,500 dedicated team members pride
themselves on delivering consistently friendly and appreciative
service to our guests. We continuously strive to increase the
loyalty of our guests through the quality of our slot machines,
table games, hotel, dining and other leisure offerings. Our eight
casino hotel properties primarily serve guests from Colorado,
Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi,
Missouri, Nebraska and Nevada. We have been a public company since
1993 and our stock is traded on the Nasdaq Global Select Market. We
generate more than $1 billion in net revenues annually.
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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