Ameristar Casinos Inc. doubles revenue after reducing costs

Jun 6, 2011 7:04 AM

A major improvement in operations was seen by Ameristar Casinos Inc. (ASCA) after it reduced its interest expense and cut back on some of its promotions.

For the first quarter, the company said it earned $21.8 million or $0.37 per share, essentially doubling the results of last year, which were $10.7 million in revenue and $0.18 per share.

The company recently acquired much of the stock owned by a charitable foundation formed by the company’s late founder Craig Neilsen.

During the quarter, the company saw its interest payments decline to $25.1 million from $34.4 million.

Also, the company said because of the resignation of board executive chairman Ray Neilsen, the total number of directors was reduced to seven.