Rating cut on Vegas firm after earnings miss

Wednesday, Oct. 29, 2003 | 9:28 a.m.

Ameristar Casinos Inc. of Las Vegas on Tuesday said it earned $11.9 million or 44 cents per share in the third quarter, up from $7.4 million or 28 cents in the year-ago quarter.

Revenue rose 7.6 percent to a record $201.5 million.

Ameristar operates five gaming properties in Missouri, Iowa and Mississippi along with a casino in Jackpot, Nev., at the Idaho border.

Merrill Lynch today cut its rating on Ameristar. The company missed its earnings target of 47 cents to 52 cents per share.