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Ameristar to acquire and expand Resorts East Chicago
Tuesday, April 10, 2007 at 10:29:23 PM
Las Vegas-based Ameristar Casinos Inc. agreed last week to buy Resorts East Chicago in northwest Indiana for $675 million in cash, its first stake in what it calls an "underserved" Chicago-area gaming market.
Ameristar plans to double the size of the casino in an expansion that one analyst estimates could total $200 million.
Ameristar expects to complete the transaction with Resorts International Holdings LLC, an affiliate of Colony Capital LLC, by the fourth quarter. It said its expansion construction, which would include 4,000 slot machines and 120 table games as well as more parking and an "upgrade in non-gaming amenities," would start shortly thereafter, and is planned to be completed by 2010.
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