By The Associated Press
Ameristar Casinos Inc. is no longer considering a potential sale of the company.
The casino operator’s stock fell $1.72, or 9.6 percent, to $16.18 in morning trading on Tuesday.
Ameristar said Tuesday the board’s transaction committee, which has been evaluating the company’s options, decided that a possible sale would not be in the best interests of the company or its stockholders.
The committee will continue to look at other strategic options, including the continued execution of Ameristar’s business plan.
Last month Ameristar reported that its third-quarter net income fell 18 percent as higher expenses and promotional allowances offset modest revenue gains.
Las Vegas-based Ameristar has eight casinos in states including Nebraska, Mississippi and Colorado.