LAS VEGAS, Nevada and SPRINGFIELD, Massachusetts -- (PRESS RELEASE) -- Ameristar Casinos, Inc. (NASDAQ: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.
"This was a difficult decision that will unfortunately result in us not being able to bring a world-class casino entertainment facility to western Massachusetts. However, I am extremely proud of the efforts of our team members who aggressively pursued this project. We are grateful for the hundreds of meaningful relationships we have built in the Pioneer Valley and the Commonwealth and for the widespread community support we received over the last year while introducing New Englanders to our Company," said Gordon Kanofsky, Ameristar's Chief Executive Officer.
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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