LAS VEGAS, NV – Ameristar Casinos, Inc. announced October 18 that they were buying two Missouri properties from Station Casino and selling their Henderson, NV to them.
The transactions calls for Ameristar Casinos to acquire Station Casinos’ Kansas City and St. Charles properties for an aggregate cash purchase price of $475 million while selling The Reserve Casino, in Henderson, NV to Station Casino for $70 million.
“Ameristar has aggressively pursued strategic growth options that fit well within our portfolio,” explained Ameristar Casinos President and Chief Executive Officer Craig H. Neilsen. “The Missouri acquisitions provide Ameristar with the ideal opportunity to further leverage the company’s expertise in riverboat operations. An additional benefit gained from the transaction will be the ability to cross-market the combined four Midwest properties under the Ameristar brand at higher levels of efficiency.”
The St. Charles includes 47,000 square feet of Bandar Togel Hongkong gaming space with 2,008 slot machines, 51 table games and 15 poker tables. Several years ago, Station Casinos began construction of a large, new gaming facility at the St. Charles site. Ameristar plans to complete the initial phase of this project, with some design modifications.
The Reserve Casino in Henderson, NV will be acquired by Station Casinos and Ameristar Casino will purchase two of Station Casino’s Missouri properties.
When the initial phase of the project is finished, the property will encompass 70,000 square feet of gaming space with a total of 2,300 slot machines and 70 table games. A steakhouse, buffet, specialty restaurant, deli/café and entertainment center, an arcade and gift shop are also under consideration by Ameristar.
The completion of these acquisitions is subject to regulatory and various other approvals. The acquisitions are expected to close as soon as licensure of Ameristar is completed by the Missouri Gaming Commission. While no assurances can be given, the company believes the licensure investigation may be completed before the end of 2000.
The sale of The Reserve is also subject to regulatory and various other approvals. This sale is expected to close in the fourth quarter of 2000 or the first quarter of 2001.
Colony Capital LLC Buys Resorts Atlantic City
ATLANTIC CITY, Oct. 31 /AP Financial/ – Sun International Hotels Inc. has sold Resorts Atlantic City Casino for $140 million to a real estate investment fund.
The Los Angeles-based fund, Colony Capital LLC, and Nicholas Ribis, a former president and chief executive of Trump Hotels & Casino Resorts, announced the deal October 30.
The sale also includes a $40 million option to buy about 10 acres of undeveloped land next to the casino. The deal is expected to be finalized sometime this winter.
Ribis will serve as the casino’s chief executive, and current Resorts President Audrey Oswell is expected to continue as chief operating officer.
Sun officials declined to comment on the sale Monday. The company bought Resorts, the city’s first casino, in 1996 and had poured $50 million into renovations.
A Colony spokesman said the company has no immediate plans to expand Resorts. “Colony is clearly interested in gaming properties, so this is an investment opportunity they decide to pursue,” Owen Blicksilver, a Colony spokesman, told The Press of Atlantic City for Tuesday’s editions.
Colony has about $6 billion in four funds, one of which has a controlling interest in Harvey’s Casino Resorts, based in Lake Tahoe.