Ameristar Casinos, Inc. (NASDAQ: ASCA)
- Net Revenues declined YOY by $17.1 million
(5.5%) to $295.1 million
- Adjusted EBITDA decreased YOY by $12.3 million
(12.1%) to $89.7 million
- Strong Adjusted EBITDA Margin (30.4%) and
Adjusted EPS ($0.56)
- Continued progress on pending merger with
Pinnacle Entertainment, Inc.
- Construction of Lake Charles property
proceeding on schedule and within budget
Ameristar Casinos, Inc. (NASDAQ: ASCA) today announced financial
results for the first quarter of 2013.
As anticipated, the first quarter of 2012 proved to be a
difficult comparable for the 2013 first quarter as the 2012 quarter
benefited from an extremely mild winter and the leap year. In
addition, the 2013 first quarter presented its own challenges as a
combination of various adverse economic conditions and weather and
calendar factors contributed to a weak revenue quarter in all our
regional markets. Consolidated net revenues for the first quarter
decreased year over year by $17.1 million (5.5%), to $295.1
million. Year-over-year declines in our other three key financial
metrics -- Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS
-- resulted primarily from the top line revenue decline. Despite
less than robust revenues year over year, our business model
continued to produce strong margins and Adjusted EPS.
The relatively adverse weather during the first quarter of 2013
tended to occur during weekends when we expect to generate peak
revenues. In addition, we believe that the various economic
factors, including higher payroll tax withholding and the rise in
fuel and utility costs, as well as the delayed processing of income
tax refunds, contributed to the year-over-year decline in net
revenues. At a property level, net revenues were negatively
affected by a full quarter of new competition in Kansas City and
road construction near our St. Charles and Black Hawk properties.
However, in March and April 2013, the year-over-year variance in
our net revenues has narrowed relative to the first two months of
2013.
For the first quarter of 2013, consolidated Adjusted EBITDA
decreased from the prior-year first quarter by $12.3 million
(12.1%), to $89.7 million. New competition that entered the Kansas
City market in early February 2012 adversely impacted our Kansas
City property's Adjusted EBITDA for a full quarter this year,
resulting in a year-over-year decrease of $2.7 million (12.4%).
Adjusted EBITDA for St. Charles decreased from the prior-year first
quarter by $2.4 million (9.4%). We believe maintenance on the I-70
bridge near our St. Charles property negatively impacted first
quarter results and will likely continue to affect the property's
performance until completion of the project in late 2013.
Additionally, we believe occasional lane closures from bridge
construction and a road widening project just south of Black Hawk
contributed to the year-over-year decline in Adjusted EBITDA at
Ameristar Black Hawk of $1.1 million (7.2%). First quarter 2013
Adjusted EBITDA includes $0.4 million in holding costs related to
land acquired in our efforts to pursue a gaming license in western
Massachusetts, which were terminated in late 2012.
Consolidated Adjusted EBITDA margin decreased from a record
32.7% in the first quarter of 2012 to 30.4% in the current-year
first quarter. We believe the application of our efficient
operating model mitigated the impact of our net revenue declines on
our profitability; despite the weak revenue performance, our
Adjusted EBITDA margin for the 2013 first quarter was only 0.3
percentage point below the average margin for the last three first
quarters. We generated operating income of $58.1 million in the
first quarter of 2013, compared to $69.3 million in the same period
of 2012. Current-year operating income was adversely impacted by
$2.2 million of expenses associated with the pending merger and
$0.5 million of Lake Charles pre-opening costs.
For the quarter ended March 31, 2013, we reported net income of
$18.0 million, compared to net income of $41.4 million for the same
period in 2012. The year-over-year decline in net income was mostly
attributable to the decrease in net revenues, a prior-year
reduction in the income tax provision due to certain income tax
elections and the incurrence of merger-related costs in the current
period. Diluted earnings per share were $0.51 for the first quarter
of 2013, compared to $1.21 in the prior-year first quarter.
Adjusted EPS of $0.56 for the quarter ended March 31, 2013
represents a decrease of $0.19 from Adjusted EPS of $0.75 for the
2012 first quarter.
Ameristar Casino Resort Spa Lake
Charles
Construction of Ameristar Casino Resort Spa Lake Charles began
on July 20, 2012 and the property is expected to open in the third
quarter of 2014. The cost of the project (including the purchase
price) is expected to be between $560 million and $580 million,
excluding capitalized interest and pre-opening expenses. Through
March 31, 2013, total invested capital in the Lake Charles project
was $144.5 million, including purchase price, capital expenditures
and escrow deposits.
Pending Merger As previously announced, on
Dec. 20, 2012, Ameristar Casinos, Inc. entered into an agreement
and plan of merger with Pinnacle Entertainment, Inc. pursuant to
which Pinnacle will acquire all of the outstanding common shares of
Ameristar for $26.50 per share in cash. On April 25, 2013,
Ameristar's stockholders approved the merger agreement by a vote of
approximately 81.6% of the outstanding shares.
Ameristar and Pinnacle filed the required Hart-Scott-Rodino
("HSR") premerger notification and report forms on Jan. 11, 2013.
On Feb. 11, 2013, Ameristar and Pinnacle received a request for
additional information and documentary materials from the Federal
Trade Commission ("FTC") regarding the proposed acquisition.
Completion of the merger remains subject to customary closing
conditions and required antitrust and gaming regulatory approvals.
The transaction is expected to close in the second or third quarter
of 2013. No assurance can be given that the merger will be
completed.
On April 2, 2013, we completed the solicitation of consents from
holders of the $1.04 billion outstanding principal amount of our
7.50% Senior Notes due 2021 (the "Notes") for waivers of and
amendments to certain provisions of the indenture governing the
Notes and entered into a supplemental indenture to reflect these
waivers and amendments. We made the consent solicitation at the
request and expense of Pinnacle in connection with the proposed
merger. The waivers and amendments do not affect the terms of the
Notes prior to the completion of the merger.
Additional Financial Information
Cash and Cash Equivalents. At March 31, 2013,
total cash was $124.8 million, representing an increase of $35.4
million from total cash as of Dec. 31, 2012. In April 2013, we made
a $39.0 million interest payment on the Notes and a combined $14.6
million required principal payment on our term loans in our senior
secured credit facility.
Debt. At March 31, 2013, the face amount
of our outstanding debt was $1.92 billion. Net repayments in the
first quarter of 2013 totaled $2.8 million. As of March 31, 2013,
we had $498.6 million available for borrowing under the revolving
credit facility. At March 31, 2013, our Total Net Leverage Ratio
(as defined in the senior credit facility) was required to be no
more than 6.00:1. As of that date, our Total Net Leverage Ratio was
5.21:1.
Capital Expenditures. For the quarters
ended March 31, 2013 and 2012, capital expenditures totaled $46.8
million and $31.0 million, respectively. First quarter 2013 capital
expenditures included $37.0 million associated with the Lake
Charles construction project. The first quarter 2012 capital
expenditures included $16.9 million (including fees and
commissions) to purchase approximately 40 acres of land in
Springfield, Massachusetts as the site for a possible future casino
resort. As previously indicated, we have discontinued our pursuit
of a Massachusetts gaming license.
Dividends. During the first quarter of
2013, our Board of Directors declared a cash dividend of $0.125 per
share, which we paid on March 15, 2013. On May 1, 2013, the Board
declared a cash dividend of $0.125 per share, payable on June 14,
2013 to stockholders of record on May 31, 2013.
Outlook
In the second quarter of 2013, we currently expect:
- Depreciation to range from $25.0 million to $26.0 million.
- Interest expense, net of capitalized interest, to be between
$28.0 million and $29.0 million, including non-cash interest
expense of approximately $1.3 million.
- The combined state and federal income tax rate to be in the
range of 40% to 42%.
- Capital spending of $96.0 million to $101.0 million, including
approximately $15.0 million for maintenance capital expenditures
and $84.0 million related to Lake Charles design and construction
costs.
- Non-cash stock-based compensation expense of $3.6 million to
$4.1 million.
- Corporate expense, including merger costs and excluding
corporate's portion of non-cash stock-based compensation expense,
to be between $13.2 million and $13.7 million.
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," "could," "would," "will" 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, 2012.
On a monthly basis, gaming regulatory authorities in certain
states in which we operate publish gross gaming revenue and/or
certain other financial information for the gaming facilities that
operate within their respective jurisdictions. Because various
factors in addition to our gross gaming revenue (including
operating costs, promotional allowances and corporate and other
expenses) influence our operating income, Adjusted EBITDA and
diluted earnings per share, such reported information, as it
relates to Ameristar, may not accurately reflect the results of our
operations for such periods or for future periods.
About Ameristar Ameristar Casinos is an
innovative casino gaming company featuring the newest and most
popular slot machines. Our 7,100 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 began construction on our ninth
property, a casino resort in Lake Charles, La., in July 2012, which
we expect will open in the third quarter of 2014. 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).
Please refer to the tables at the end of this release for the
reconciliation of the non-GAAP financial measures Adjusted EBITDA
and Adjusted EPS reported throughout this release. Additionally,
more information on these non-GAAP financial measures can be found
under the caption "Use of Non-GAAP Financial Measures" at the end
of this release.
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended
March 31,
2013 2012
------------ ------------
REVENUES:
Casino $ 303,978 $ 319,707
Food and beverage 34,536 34,691
Rooms 18,774 19,273
Other 6,806 6,906
------------ ------------
364,094 380,577
Less: promotional allowances (69,014) (68,443)
------------ ------------
Net revenues 295,080 312,134
OPERATING EXPENSES:
Casino 132,225 137,102
Food and beverage 13,702 14,131
Rooms 1,743 2,045
Other 2,246 2,351
Selling, general and administrative 61,953 61,048
Depreciation and amortization 25,147 26,521
Impairment of fixed assets 23 -
Net gain on disposition of assets (9) (322)
------------ ------------
Total operating expenses 237,030 242,876
Income from operations 58,050 69,258
OTHER INCOME (EXPENSE):
Interest income 3 20
Interest expense, net of capitalized interest (28,634) (26,885)
Other - 947
------------ ------------
INCOME BEFORE INCOME TAX PROVISION 29,419 43,340
Income tax provision 11,441 1,974
------------ ------------
NET INCOME $ 17,978 $ 41,366
============ ============
EARNINGS PER SHARE:
Basic $ 0.55 $ 1.26
============ ============
Diluted $ 0.51 $ 1.21
============ ============
CASH DIVIDENDS DECLARED PER SHARE $ 0.125 $ 0.125
============ ============
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic 32,970 32,858
============ ============
Diluted 35,027 34,225
============ ============
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands)
(Unaudited)
March 31, December 31,
2013 2012
------------ ------------
Balance sheet data
Cash and cash equivalents $ 124,774 $ 89,392
Total assets $ 2,125,589 $ 2,074,274
Total debt, net of discount of $953 and $926 $ 1,915,147 $ 1,917,979
Stockholders' deficit $ (2,575) $ (22,259)
Three Months Ended March
31,
--------------------------
2013 2012
------------ ------------
Consolidated cash flow information
Net cash provided by operating activities $ 75,620 $ 71,971
Net cash used in investing activities $ (35,367) $ (33,220)
Net cash used in financing activities $ (4,871) $ (31,741)
Net revenues
Ameristar St. Charles $ 65,690 $ 68,209
Ameristar Kansas City 51,918 56,349
Ameristar Council Bluffs 42,024 43,708
Ameristar Black Hawk 38,331 39,322
Ameristar Vicksburg 30,271 32,276
Ameristar East Chicago 53,861 57,519
Jackpot Properties 12,985 14,751
------------ ------------
Consolidated net revenues $ 295,080 $ 312,134
============ ============
Operating income (loss)
Ameristar St. Charles $ 16,093 $ 19,063
Ameristar Kansas City 15,155 17,920
Ameristar Council Bluffs 15,890 16,880
Ameristar Black Hawk 9,020 10,124
Ameristar Vicksburg 10,670 11,907
Ameristar East Chicago 7,865 8,488
Jackpot Properties 2,274 3,323
Corporate and other (18,917) (18,447)
------------ ------------
Consolidated operating income $ 58,050 $ 69,258
============ ============
Adjusted EBITDA
Ameristar St. Charles $ 23,299 $ 25,720
Ameristar Kansas City 18,801 21,463
Ameristar Council Bluffs 17,943 19,041
Ameristar Black Hawk 13,485 14,536
Ameristar Vicksburg 14,321 15,621
Ameristar East Chicago 11,120 12,992
Jackpot Properties 3,626 4,709
Corporate and other (12,945) (12,107)
------------ ------------
Consolidated Adjusted EBITDA $ 89,650 $ 101,975
============ ============
AMERISTAR CASINOS, INC. AND SUBSIDIARIES
SUMMARY CONSOLIDATED FINANCIAL DATA - CONTINUED
(Dollars in Thousands)
(Unaudited)
Three Months Ended
March 31,
2013 2012
------------ ------------
Operating income margins (1)
Ameristar St. Charles 24.5% 27.9%
Ameristar Kansas City 29.2% 31.8%
Ameristar Council Bluffs 37.8% 38.6%
Ameristar Black Hawk 23.5% 25.7%
Ameristar Vicksburg 35.2% 36.9%
Ameristar East Chicago 14.6% 14.8%
Jackpot Properties 17.5% 22.5%
Consolidated operating income margin 19.7% 22.2%
Adjusted EBITDA margins (2)
Ameristar St. Charles 35.5% 37.7%
Ameristar Kansas City 36.2% 38.1%
Ameristar Council Bluffs 42.7% 43.6%
Ameristar Black Hawk 35.2% 37.0%
Ameristar Vicksburg 47.3% 48.4%
Ameristar East Chicago 20.6% 22.6%
Jackpot Properties 27.9% 31.9%
Consolidated Adjusted EBITDA margin 30.4% 32.7%
(1) Operating income margin is operating income as a percentage
of net revenues.
(2) Adjusted EBITDA margin is Adjusted EBITDA as a percentage of
net revenues.
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA
(Dollars in Thousands) (Unaudited)
The following tables set forth reconciliations of operating
income (loss), a GAAP financial measure, to Adjusted EBITDA, a
non-GAAP financial measure.
Three Months Ended March 31, 2013
--------------------------------------------------
Impairment
Loss and
Operating Depreciation Gain on
Income and Disposition Stock-Based
(Loss) Amortization of Assets Compensation
--------- ------------ ----------- ------------
Ameristar St. Charles $ 16,093 $ 7,042 $ - $ 164
Ameristar Kansas City 15,155 3,521 22 103
Ameristar Council Bluffs 15,890 1,898 5 150
Ameristar Black Hawk 9,020 4,348 12 105
Ameristar Vicksburg 10,670 3,544 (25) 132
Ameristar East Chicago 7,865 3,142 - 113
Jackpot Properties 2,274 1,228 - 124
Corporate and other (18,917) 424 - 2,861
--------- ------------ ----------- ------------
Consolidated $ 58,050 $ 25,147 $ 14 $ 3,752
========= ============ =========== ============
Three Months Ended March 31, 2013
-------------------------------------
Non-
Capitalizable
Merger- Lake Charles
Related Development Adjusted
Costs Costs EBITDA
----------- ------------- ----------
Ameristar St. Charles $ - $ - $ 23,299
Ameristar Kansas City - - 18,801
Ameristar Council Bluffs - - 17,943
Ameristar Black Hawk - - 13,485
Ameristar Vicksburg - - 14,321
Ameristar East Chicago - - 11,120
Jackpot Properties - - 3,626
Corporate and other 2,175 512 (12,945)
----------- ------------- ----------
Consolidated $ 2,175 $ 512 $ 89,650
=========== ============= ==========
Three Months Ended March 31, 2012
-------------------------------------------------
Operating Depreciation Gain on
Income and Disposition Stock-Based
(Loss) Amortization of Assets Compensation
--------- ------------ ----------- ------------
Ameristar St. Charles $ 19,063 $ 6,659 $ (150) $ 148
Ameristar Kansas City 17,920 3,550 (95) 88
Ameristar Council Bluffs 16,880 1,991 - 114
Ameristar Black Hawk 10,124 4,378 (76) 110
Ameristar Vicksburg 11,907 3,584 - 130
Ameristar East Chicago 8,488 4,395 (1) 110
Jackpot Properties 3,323 1,273 - 113
Corporate and other (18,447) 691 - 4,546
--------- ------------ ----------- ------------
Consolidated $ 69,258 $ 26,521 $ (322) $ 5,359
========= ============ =========== ============
Three Months Ended March 31, 2012
------------------------------------
Deferred
Compensation River
Plan Expense Flooding Adjusted
(1) Expenses EBITDA
------------ ------------ ----------
Ameristar St. Charles $ - $ - $ 25,720
Ameristar Kansas City - - 21,463
Ameristar Council Bluffs - 56 19,041
Ameristar Black Hawk - - 14,536
Ameristar Vicksburg - - 15,621
Ameristar East Chicago - - 12,992
Jackpot Properties - - 4,709
Corporate and other 1,103 - (12,107)
------------ ------------ ----------
Consolidated $ 1,103 $ 56 $ 101,975
============ ============ ==========
(1) Deferred compensation plan expense represents the change in
the Company's non-cash liability based on plan participant
investment results. This expense is included in selling, general
and administrative expenses in the Company's consolidated
statements of operations.
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Dollars in Thousands) (Unaudited)
The following table sets forth a reconciliation of consolidated
net income, a GAAP financial measure, to consolidated Adjusted
EBITDA, a non-GAAP financial measure.
Three Months Ended March 31,
2013 2012
------------- -------------
Net income $ 17,978 $ 41,366
Income tax provision 11,441 1,974
Interest expense, net of capitalized
interest 28,634 26,885
Interest income (3) (20)
Other - (947)
Net gain on disposition of assets (9) (322)
Impairment of fixed assets 23 -
Depreciation and amortization 25,147 26,521
Stock-based compensation 3,752 5,359
Merger-related costs 2,175 -
Non-capitalizable Lake Charles development
costs 512 -
Deferred compensation plan expense - 1,103
River flooding expenses - 56
------------- -------------
Adjusted EBITDA $ 89,650 $ 101,975
============= =============
RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS
(Unaudited)
The following table sets forth a reconciliation of diluted
earnings per share (EPS), a GAAP financial measure, to adjusted
diluted earnings per share (Adjusted EPS), a non-GAAP financial
measure.
Three Months Ended March 31,
2013 2012
------------- -------------
Diluted earnings per share (EPS) $ 0.51 $ 1.21
Merger-related costs 0.04 -
Non-capitalizable Lake Charles development
costs 0.01 -
Cumulative effect from income tax elections - (0.46)
------------- -------------
Adjusted diluted earnings per share (Adjusted
EPS) $ 0.56 $ 0.75
============= =============
Weighted-average diluted shares outstanding
used in calculating Adjusted EPS 35,027 34,225
============= =============
Use of Non-GAAP Financial Measures
Securities and Exchange Commission Regulation G, "Conditions for
Use of Non-GAAP Financial Measures," prescribes the conditions for
use of non-GAAP financial information in public disclosures. We
believe our presentation of the non-GAAP financial measures
Adjusted EBITDA and Adjusted EPS are important supplemental
measures of operating performance to investors. The following
discussion defines these terms and explains why we believe they are
useful measures of our performance.
Adjusted EBITDA is a commonly used measure of performance in the
gaming industry that we believe, when considered with measures
calculated in accordance with United States generally accepted
accounting principles, or GAAP, gives investors a more complete
understanding of operating results before the impact of investing
and financing transactions, income taxes and certain non-cash and
non-recurring items and facilitates comparisons between us and our
competitors.
Adjusted EBITDA is a significant factor in management's internal
evaluation of total Company and individual property performance and
in the evaluation of incentive compensation for employees.
Therefore, we believe Adjusted EBITDA is useful to investors
because it allows greater transparency related to a significant
measure used by management in its financial and operational
decision-making and because it permits investors similarly to
perform more meaningful analyses of past, present and future
operating results and evaluations of the results of core ongoing
operations. Furthermore, we believe investors would, in the absence
of the Company's disclosure of Adjusted EBITDA, attempt to use
equivalent or similar measures in assessment of our operating
performance and the valuation of our Company. We have reported
Adjusted EBITDA to our investors in the past and believe its
inclusion at this time will provide consistency in our financial
reporting.
Adjusted EBITDA, as used in this press release, is earnings
before interest, taxes, depreciation, amortization, other
non-operating income and expenses, stock-based compensation,
deferred compensation plan expense, merger-related costs,
non-capitalizable development costs and net river flooding
expenses. In future periods, the calculation of Adjusted EBITDA may
be different than in this release. The foregoing tables reconcile
Adjusted EBITDA to operating income and net income, based upon
GAAP.
Adjusted EPS, as used in this press release, is diluted earnings
per share, excluding the cumulative effect from tax elections,
merger-related costs and non-capitalizable development costs.
Management adjusts EPS, when deemed appropriate, for the evaluation
of operating performance because we believe that the exclusion of
certain items is necessary to provide the most accurate measure of
our core operating results and as a means to compare
period-to-period results. We have chosen to provide this
information to investors to enable them to perform more meaningful
analysis of past, present and future operating results and as a
means to evaluate the results of our core ongoing operations.
Adjusted EPS is a significant factor in the internal evaluation of
total Company performance. Management believes this measure is used
by investors in their assessment of our operating performance and
the valuation of our Company. In future periods, the adjustments we
make to EPS in order to calculate Adjusted EPS may be different
than or in addition to those made in this release. The foregoing
table reconciles EPS to Adjusted EPS.
Limitations on the Use of Non-GAAP Measures The use of Adjusted
EBITDA and Adjusted EPS has certain limitations. Our presentation
of Adjusted EBITDA and Adjusted EPS may be different from the
presentations used by other companies and therefore comparability
among companies may be limited. Depreciation expense for various
long-term assets, interest expense, income taxes and other items
have been and will be incurred and are not reflected in the
presentation of Adjusted EBITDA. Each of these items should also be
considered in the overall evaluation of our results. Additionally,
Adjusted EBITDA does not consider capital expenditures and other
investing activities and should not be considered as a measure of
our liquidity. We compensate for these limitations by providing the
relevant disclosure of our depreciation, interest and income tax
expense, capital expenditures and other items both in our
reconciliations to the GAAP financial measures and in our
consolidated financial statements, all of which should be
considered when evaluating our performance.
Adjusted EBITDA and Adjusted EPS should be used in addition to
and in conjunction with results presented in accordance with GAAP.
Adjusted EBITDA and Adjusted EPS should not be considered as an
alternative to net income, operating income or any other operating
performance measure prescribed by GAAP, nor should these measures
be relied upon to the exclusion of GAAP financial measures.
Adjusted EBITDA and Adjusted EPS reflect additional ways of viewing
our operations that we believe, when viewed with our GAAP results
and the reconciliations to the corresponding GAAP financial
measures, provide a more complete understanding of factors and
trends affecting our business than could be obtained absent this
disclosure. Management strongly encourages investors to review our
financial information in its entirety and not to rely on a single
financial measure.
CONTACT: Tom Steinbauer Senior Vice President, Chief
Financial Officer Ameristar Casinos, Inc. 702-567-7000
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