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Ameristar's Q1 Results Beat Expectations

LAS VEGAS-The locally based casino operator says its focus on profitability and lowering costs helped its earnings jump to $24 million from $2.6 million one year ago.

By Brian K. Miller | Updated on May 02, 2007

LAS VEGAS-Ameristar Casinos Inc. said Tuesday that its nearly ten-fold increase in first quarter earnings is attributable to its renewed focus on profitability and lower costs. The locally based company owns and operates six properties in Nevada, Missouri, Iowa and Mississippi.

Earnings for the quarter rose to $24 million, or $0.41 per share, from $2.6 million, or $0.05 per share in the first quarter of last year, which included a one-time charge of $17.1 million, or $0.30 per share, related to the early retirement of debt. Revenue (after promotional allowances) for the first three months of 2007 was $259.1 million, up $3 million from the year-earlier period.

The range of analysis’s expectation was $0.34- to $0.41 per share for an average of $0.37. The company’s share price gained $0.09 on Tuesday and is trading up again today along with many of the other public casino-resort operators. In afternoon trading, share of Ameristar stood at $30.96, up $0.50 (1.64%) on the day.

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