Ameristar announced that it will continue expanding and most recently will be upping the stakes in a market that was just approved to hold 24 hour gaming. Already a leader in this Kansas City Riverboat casino ASCA will be investing $14 million to expand the hotel to add an additional 100 rooms and a fitness center.
The 24 hour gaming is set to go into effect later this summer. An optimistic Sean Bernard (GM and Senior Vice President) says the property will benefit from the addition of 20 suites and 80 rooms. CEO Gordon Kanofsky commented, “Although we have a longstanding commitment to economic development in Kansas City, we have been careful in allocating our free cash flow and capital during the recession, We are moving forward with this hotel addition now because we believe it will produce an attractive return on our investment.”
ASCA is currently trading at $17.37 below the 50-day average of $18.42 but above the 200-day average of $16.80.
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Disclosure: no positions