ASCA A SPAC I Acquisition Corporation

Ameristar Casinos Completes Acquisition of Mountain High Casino in Black Hawk, Colorado LAS VEGAS, Dec. 22 /PRNewswire-FirstCall/ -- Ameristar Casinos, Inc. (NASDAQ:ASCA) announced today that it has completed the acquisition of Mountain High Casino in Black Hawk, Colorado. The transaction adds the largest casino in Colorado to Ameristar's portfolio and increases the company's geographic diversification. Ameristar acquired the property from Windsor Woodmont Black Hawk Resort Corp., which was operating as debtor-in-possession in a Chapter 11 case before the United States Bankruptcy Court for the District of Colorado. The purchase price was approximately $117 million in cash, plus the issuance of 58,943 shares of Ameristar's common stock valued at $2.5 million. Ameristar intends to invest approximately $90 million in capital expenditures to improve the competitiveness of the property. The capital improvements include reconfiguring and expanding the gaming area, introducing cashless slot technology and other gaming equipment upgrades, constructing a 300-room AAA Four Diamond-quality hotel and additional covered parking, upgrading the food and beverage outlets and adding a casual dining restaurant. All of these improvements are expected to be completed during 2005, with the exception of the hotel, which is expected to be completed by early 2007. The company plans to rebrand the property as Ameristar Black Hawk once the first phase of enhancements is complete. As with all Ameristar properties, Ameristar Black Hawk will offer a state-of-the-art gaming floor, a wide range of high-quality dining and entertainment venues and outstanding guest service. "We are excited to complete the acquisition of Mountain High Casino," said Craig H. Neilsen, Chairman and CEO of Ameristar. "Mountain High is a high-quality property with an excellent location in one of the major gaming markets in the United States. We are eager to begin our enhancement and expansion plans for the property immediately. The acquisition will not impact our ability to continue our cash dividend policy or to pursue other development opportunities." Mountain High Casino is an upscale gaming and entertainment facility located in the center of the Black Hawk gaming district, approximately 40 miles west of Denver. The 425,000 square-foot facility includes a 57,000 square-foot casino with approximately 1,000 slot machines and 24 table games (including poker). In addition, the property features a steak and seafood restaurant, a buffet and food court, a 5,000 square-foot entertainment showroom that seats approximately 500 people and a parking garage with space for approximately 800 vehicles, among other amenities. 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, 2003 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 September 30, 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 operates. Founded in 1954 in Jackpot, Nevada, Ameristar has been a public company since November 1993. The company has a portfolio of seven casinos: 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 in Black Hawk, Colorado (Denver metropolitan area); 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: Tom Steinbauer, Senior Vice President, Chief Financial Officer of Ameristar Casinos, Inc., +1-702-567-7000 Web site: http://www.ameristar.com/

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