Ameristar no longer considering company sale
Ameristar Casinos Inc. is no longer considering a sale of the company, but its board will continue seeking ways to increase shareholder value.
Shares of the casino operator, which has eight casinos in seven markets, slipped 10.6 percent to $16 in recent premarket trading. The stock is up about 18 percent so far this year.
The company, which has properties in the Midwest, among other regions, had said in August it had hired Lazard and Bank of America Merrill Lynch to help it evaluate options, including a potential sale. But Tuesday, it said that is no longer in the company's best interest.
Last month, the company reported its revenue held steady in the third quarter as earnings slipped 18 percent.