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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.

Ameristar plans $100 million casino expansionRoom 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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