August 6, 2010, 1:01 am
Quarterly earnings for Ameristar Casinos (ASCA: 15.18 0.00%) were once again affected by poor performance at the East Chicago casino due to the permanent closure of the Cline Avenue Bridge.
Ameristar fell short of analysts’ expectations for the quarter with a net loss of $24.89 million or a loss of $0.43 a share. After impairment charges related to the East Chicago casino, adjusted earnings came in at $0.13 a share, under analysts’ predictions of $0.20 a share.
Net revenue for Ameristar dropped 5.1% to $293 million also falling short of analysts’ predictions of $306 million.
Ameristar contributed the decline to adverse affects from the Cline Avenue Bridge closure in late 2009. The b
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July 13, 2010, 2:25 pm
Bank of America downgraded Ameristar Casinos (ASCA: 14.70 0.00%), on Monday, sending the stock down 1.66% to close the session at $14.81.
Although B of A downgraded shares of Ameristar from Neutral to Underperform and lowered its price target drastically from $20 per share down to $11, the stock is attempting to crawl its way back up.
Tuesday’s trading session saw shares rise as high as $14.94 before closing the market at $14.85.
Bank of America cited expectations that regional casino operators will post lower revenues for the second quarter, as the reason for the downgrade.
Ameristar Casinos will release its second quarter financials on August 4, 2010, during market hours.
For the first quarter of 2010, the gaming company reported a 64% decrease in profits and declared a quarterly cash dividend of only $0.105 per share.