Ameristar plans
$100 million casino expansion
Ameristar Casinos Inc. (NASDAQ:ASCA) has
announced expansion plans with a price tag of $100 million for
its Council Bluffs riverboat casino complex in Iowa.
Room
for 600 new slot machines and 20 table games, restaurant,
several bars, a VIP lounge, and a new parking garage are part of
the planned 60,000 square-foot project. Around 100 new jobs will
become available once the expansion is completed.
Council Bluffs is Iowa's most profitable
gambling market, generating over $450 million in revenues in
2006. Harrah's Entertainment Inc. (NYSE:HET) invested over $85
million last year to renovate the former Bluffs Run Casino.
According to Jack Ketterer, administrator of
the Iowa Racing and Gaming Commission, it is the market forces
that drive Ameristar towards the planned expansion, with
increased competition from both Harrah's and the local Horseshoe
casino. Ameristar's casino expansion plans will be officially
presented to the Iowa Racing and Gaming Commission at its
monthly meeting next Thursday.
Published on 06/01/2007
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