Council Bluffs.....Kicking Butt!
All ASCA,
Good day for ASCA.......and the market.
To all Commission types......stumbling and bumbling in here......consider this in your DD: Council Bluffs will add 375 new gaming positions...(low cost) by adding a 3rd level to their boat......and also notice the reference to "new slot machines".
I will bet you a buck that these new machines are the "triple play" machines.
Take it all in.......run some numbers.
I hope Bear Sterns is doing so.......They have ASCA rated as a "hold"........plenty of room....plenty of reason to upgrade...IMO.
From the Earnings release:
''We are pleased with the growth at all of our properties,'' said Ameristar President and CEO Craig H. Neilsen. ''With the continued positive revenue trend in Council Bluffs, Ameristar is currently positioning itself to capitalize on the strength of this market. Construction has begun at Ameristar Council Bluffs to add a third level to the riverboat, which will add approximately 375 gaming positions, and a 1,000-space parking garage to provide our customers with greater convenience.''
Net revenues at Ameristar Council Bluffs were $28.3 million for the second quarter of 1999 compared to $24.0 million in the 1998 period. For the six-month period ended June 30, 1999, net revenues were $53.6 million compared to $48.1 million in the prior year period. Ameristar Council Bluffs' operating income for the three months ended June 30, 1999, was $5.5 million compared to $4.2 million for the same period in 1998, an increase of $1.3 million. For the six-month period, operating income was $10.1 million in 1999 compared to $8.0 million in 1998. Increased slot revenue, as a result of new slot product placed in service during the fourth quarter of 1998 and the first quarter of 1999, and continued growth in the market are primarily responsible for this increase.
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