2007 Annual Report - Ameristar Casinos, Inc.

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AMERISTAR CASINOS, INC.CONSOLIDATED BALANCE SHEETS(Amounts in Thousands, Except Share Data)December 31,2007 2006ASSETSCurrent Assets:Cash and cash equivalents ......................................................................................... $ 98,498 $ 101,140Restricted cash........................................................................................................... 6,425 6,425Accounts receivable, net............................................................................................ 8,112 7,325Income tax refunds receivable ................................................................................... 13,539 2,164Inventories ................................................................................................................. 7,429 7,241Prepaid expenses........................................................................................................ 12,501 11,689Deferred income taxes ............................................................................................... 5,463 3,508Total current assets ............................................................................................ 151,967 139,492Property and Equipment, at cost:Buildings and improvements ..................................................................................... 1,296,474 1,090,777Furniture, fixtures and equipment.............................................................................. 466,977 404,7091,763,451 1,495,486Less: accumulated depreciation and amortization ............................................. (568,354) (477,780)1,195,097 1,017,706Land........................................................................................................................... 83,190 81,481Construction in progress ............................................................................................ 360,675 186,507Total property and equipment, net..................................................................... 1,638,962 1,285,694Goodwill and other intangible assets............................................................................. 570,682 76,988Deposits and other assets............................................................................................... 50,485 39,301TOTAL ASSETS ................................................................................................. $ 2,412,096 $ 1,541,475LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent Liabilities:Accounts payable....................................................................................................... $ 21,009 $ 14,443Construction contracts payable.................................................................................. 31,239 25,657Accrued liabilities...................................................................................................... 93,841 71,462Current maturities of long-term debt ......................................................................... 4,337 4,344Total current liabilities....................................................................................... 150,426 115,906Long-term debt, net of current maturities...................................................................... 1,641,615 878,668Deferred income taxes................................................................................................... 75,172 91,528Deferred compensation and other long-term liabilities.................................................. 41,757 21,209Commitments and contingencies (Note 12)Stockholders’ Equity:Preferred stock, $.01 par value: Authorized - 30,000,000 shares;Issued - none ..................................................................................................... — —Common stock, $.01 par value: Authorized - 120,000,000 shares;Issued - 57,946,167 and 56,935,403 shares; Outstanding — 57,158,931 and56,524,567 shares ............................................................................................ 579 569Additional paid-in capital .......................................................................................... 234,983 199,951Treasury stock, at cost (787,236 and 410,836 shares) ............................................... (17,674) (8,014)Retained earnings....................................................................................................... 285,238 241,658Total stockholders’ equity ................................................................................. 503,126 434,164TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY.......................... $ 2,412,096 $ 1,541,475The accompanying notes are an integral part of these consolidated financial statements.F-4
AMERISTAR CASINOS, INC.CONSOLIDATED STATEMENTS OF INCOME(Amounts in Thousands, Except Per Share Data)Years ended December 31,2007 2006 2005Revenues:Casino ................................................................................................ $ 1,083,380 $ 1,008,311 $ 974,178Food and beverage............................................................................. 136,471 131,795 125,918Rooms................................................................................................ 30,844 27,972 25,355Other .................................................................................................. 30,387 29,082 26,0411,281,082 1,197,160 1,151,492Less: Promotional allowances............................................................ (200,559) (196,862) (190,134)Net revenues .............................................................................. 1,080,523 1,000,298 961,358Operating Expenses:Casino ................................................................................................ 478,504 439,101 431,101Food and beverage............................................................................. 70,439 68,744 66,299Rooms................................................................................................ 9,341 6,780 6,454Other .................................................................................................. 19,157 18,749 16,503Selling, general and administrative.................................................... 229,801 200,588 186,050Depreciation and amortization........................................................... 94,810 93,889 85,366Impairment loss on assets .................................................................. 4,758 931 869Total operating expenses ................................................................... 906,810 828,782 792,642Income from operations................................................................. 173,713 171,516 168,716Other Income (Expense):Interest income................................................................................... 2,113 2,746 830Interest expense, net........................................................................... (57,742) (50,291) (60,913)Loss on early retirement of debt ........................................................ — (26,264) (2,074)Net (loss) gain on disposition of assets.............................................. (1,408) 683 (1,576)Other .................................................................................................. (178) — (79)Income Before Income Tax Provision................................................ 116,498 98,390 104,904Income tax provision ......................................................................... 47,065 38,825 38,619Net Income.................................................................................... $ 69,433 $ 59,565 $ 66,285Earnings Per Share:Basic............................................................................................... $ 1.22 $ 1.06 $ 1.19Diluted ........................................................................................... $ 1.19 $ 1.04 $ 1.16Cash Dividends Declared Per Share .................................................. $ 0.41 $ 0.38 $ 0.31Weighted Average Shares Outstanding:Basic............................................................................................... 57,052 56,155 55,664Diluted ........................................................................................... 58,322 57,327 57,127The accompanying notes are an integral part of these consolidated financial statements.F-5
Page 3 and 4:
Dear Fellow Shareholders,I am pleas
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Ameristar Black Hawk, which reporte
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UNITED STATES SECURITIES AND EXCHAN
Page 9 and 10:
Unless the context indicates otherw
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Ameristar St. Charles. Ameristar St
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Ameristar Vicksburg. Ameristar Vick
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Kansas CityAmeristar Kansas City co
Page 18 and 19:
Should additional gaming developmen
Page 20 and 21: The Missouri Act provides for a buy
Page 22 and 23: Iowa has a graduated wagering tax e
Page 24 and 25: The Indiana Act provides that the s
Page 26 and 27: after receiving notice that a perso
Page 29 and 30: Pursuant to an amendment to the Col
Page 31 and 32: There are various classes of retail
Page 33 and 34: The Nevada Commission may, at its d
Page 35 and 36: Item 1A. Risk FactorsThe gaming ind
Page 37 and 38: two years, our gaming licenses in I
Page 39 and 40: We have limited opportunities to de
Page 41 and 42: The Ameristar Vicksburg site has ex
Page 43 and 44: PART IIItem 5. Market for Registran
Page 45 and 46: AMERISTAR CASINOS, INC.CONSOLIDATED
Page 47 and 48: the rebranding, improving from an 1
Page 49 and 50: The following table presents detail
Page 51 and 52: Operating IncomeIn 2006, consolidat
Page 53 and 54: At Ameristar St. Charles, we are ne
Page 55 and 56: Historically, we have funded our da
Page 57 and 58: Customer Rewards ProgramsOur custom
Page 59 and 60: Item 7A. Quantitative and Qualitati
Page 61 and 62: (a) 2. Financial Statement Schedule
Page 63 and 64: ExhibitNumber Description of Exhibi
Page 65 and 66: SIGNATURESPursuant to the requireme
Page 67 and 68: MANAGEMENT’S ANNUAL REPORT ON INT
Page 69: REPORT OF INDEPENDENT REGISTERED PU
Page 73 and 74: AMERISTAR CASINOS, INC.CONSOLIDATED
Page 75 and 76: InventoriesInventories primarily co
Page 77 and 78: Income taxesIncome taxes are record
Page 79 and 80: The Company recorded $5.6 million,
Page 81 and 82: Senior credit facilitiesIn November
Page 83 and 84: Future minimum lease payments requi
Page 85 and 86: Years ended December 31,2007 2006 2
Page 87 and 88: The unaudited pro forma consolidate
Page 89 and 90: STOCK PRICE PERFORMANCEThe followin
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2007 Annual Report - Ameristar Casinos, Inc.

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