Tuesday, Dec. 14, 2010 | 7:52 a.m.
The stock of Las Vegas-based Ameristar Casinos Inc. fell 10 percent this morning after Ameristar said it's no longer considering a sale of the company.
"As part of its evaluation of strategic alternatives to enhance stockholder value, the Transaction Committee of its Board of Directors is no longer considering a possible sale of the company since a sale is not in the best interests of the company and its stockholders at this time. While a sale transaction is no longer actively being considered, the Transaction Committee will continue to explore other avenues to enhance stockholder value, including the continued execution of the company's existing business plan which the committee believes will provide meaningful opportunities to maximize profitability and enhance stockholder value going forward," Ameristar said in a statement.
On Aug. 11, Ameristar said it was evaluating strategic alternatives, including a possible sale of the company.
Ameristar stock fell $1.82 to $16.08 in early trading today.
The company's properties include Ameristar Casino Resort Spa St. Charles (St. Louis); Ameristar Casino Hotel East Chicago; Ameristar Casino Hotel Kansas City; Ameristar Casino Hotel Council Bluffs (Omaha and Iowa); Ameristar Casino Hotel Vicksburg (Miss.); Ameristar Casino Resort Spa Black Hawk (Denver); and Cactus Petes Resort Casino and The Horseshu Hotel and Casino in Jackpot, Nev., on the Idaho border.