Revenue soars for riverboat operator

Monday, Oct. 29, 2001 | 9:45 a.m.

Third quarter revenue and cash flow soared for Ameristar Casinos Inc. of Las Vegas, operator of riverboat casinos in the South and Midwest and a small casino in Northern Nevada.

Ameristar today reported quarterly sales of $162.7 million versus $85 million in the year-ago quarter. The increase is attributed to Ameristar's purchase of two Missouri riverboats from Station Casinos Inc. Ameristar also sold its Reserve property in Henderson to Station.

Cash flow -- earnings before interest, taxes, depreciation and amortization -- of $41.9 million was up from $15.1 million from the year-ago quarter.

Ameristar reported a quarterly profit of $11.3 million or 49 cents per share compared to a loss in the year-ago quarter of $36.9 million or $1.81 per share. The 2001 numbers include a one-time charge of 3 cents per share, the 2000 numbers include an impairment loss of $57.2 million or $1.82.