First Quarter Profits of Ameristar Casino Improve to $24 Million
On May 1, 2007, Ameristar Casino announced that their drive to be a profitable gaming organization and lower their expenses helped their profits in the first quarter to surpass the predictions set by Wall Street.
First quarter earnings grew to about $24 million or $0.41 per share from the previous $2.6 million or $0.05 per share in the year end basis. The same period last year includes a $17.1 million loss on the early retirement credit of about $0.30 per share.
Profit after promotional allowances grew to about $259.1 million from $256.1 million. Wall Street's prediction for Ameristar Casino was a quarterly profit of $0.37 on a $261.8 in profits, according to an analyst survey from Thomson Financial.
Ameristar Casino commented that the operating margins of their company improved at each of their casino facilities, mainly because of their decision to shift their goal in enhancing their profitability from gaining a big foothold in the market.
Ameristar Casino's operating costs also slid down to $110.1 million from $115.1 million at the year's end, helping bring down company expenses to $209.2 million from $212.4 million. CEO and President John Boushy commented that the Ameristar Black Hawk in Denver also performed well.
06/24/2007 22:05 PM
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