Ameristar Casinos, Inc. ASCA announced today it has decided
to terminate its efforts to seek a casino license in western
Massachusetts. Although the Company believes it had the superior
proposal for a casino in western Massachusetts, the Company concluded
that there is not a sufficient likelihood that the basis upon which
it could be awarded the license to develop and operate a casino in
Springfield is favorable enough to warrant its further pursuit.
Specifically, the local selection process, various project
requirements and associated costs led to the decision to reserve
Ameristar's resources for the Company's growth and diversification
for other more attractive opportunities.
Ameristar has not made a determination at this time concerning plans
for marketing the 40-acre site it owns on Page Boulevard in Springfield. Ameristar believes this is the single largest
commercially developable site in the City of Springfield. The site's
size, location and ease of access to major highways make it
attractive for a variety of large scale developments in addition to a
casino.
Ameristar will continue its disciplined pursuit of acquisition and
development opportunities to grow and diversify the Company that meet its risk and return on investment criteria. Ameristar seeks to
maximize long-term shareholder value through the efficient operation
of its properties and a balanced approach to debt repayment,
dividends, share repurchases and the strategic pursuit of growth
opportunities.
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