Ameristar Casinos climbs as analyst lifts rating
Analyst Joseph Greff said in a client note that Ameristar could see an increase in its earnings before interest, taxes depreciation and amortization results next month as 24-hour gaming goes into effect in Colorado. The company will add to that positive catalyst in the fall when its new us$ 235 million Black Hawk hotel opens, he added.
Ameristar has properties in Missouri, Iowa, Colorado, Nevada, Indiana and Mississippi.
Investors also have more reasonable near-term expectations for Ameristar's regional markets following declines in its gross gaming revenue performance in the second quarter to date, Greff explained.
Regional casino operators like Ameristar have fared better than those that concentrate more on bigger markets like Las Vegas, as gamblers worried about the recession have increasingly decided to gamble closer to home.
The analyst boosted his rating on Las Vegas-based Ameristar to "Overweight" from "Neutral" and increased its price target to us$ 24 from us$ 20.
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