Ameristar Casinos is in play

The passing of Craig Neilsen may force his company, Ameristar Casinos Inc., on to the block. Neilsen's 55% stake in the casino operator fell into the hands of his estate and charitable trust, which according to an SEC filing are exploring strategic alternatives including selling the company or the shares on the open market. However, Deal Journal noted that there is no clear buyer for the regional casino operator because Ameristar's portfolio of Midwestern casinos is not attractive to industry leaders like MGM Mirage. Additionally, buyout firms are unlikely to bet on Ameristar because of the credit crunch. However, Ameristar's portfolio would fit nicely with Pinnacle Entertainment or Isle of Capri making them the leading candidates should Ameristar launch a formal auction. Plus, Pinnacle reportedly has been on the hunt for an acquisition since losing Aztar Corp. to Columbia Sussex Corp. last year. — Matthew Wurtzel

See SEC filing
See press release from Ameristar
See story from Deal Journal
See story from TheStreet
See related story about Ameristar acquisition from TheDeal.com
See related story about Pinnacle from TheDeal.com

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