Ameristar Profit Misses Mark

Ameristar Casinos stock is tumbling in Tuesday trading after its posts lower-than-expected first-quarter profit.
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NEW YORK (

TheStreet

) --

Ameristar Casinos

(ASCA)

disappointed investors Tuesday, reporting a lower-than-expected first-quart profit, and sending shares in Ameristar falling in morning trading.

The casino operator attributed the shortfall to the closure of an Indiana bridge that cut off access to one of its Chicago casinos.

During the quarter, Ameristar earned $10.7 million, or 18 cents a share, a 64% plunge from $29.9 million, or 52 cents, in the year-ago period. Analysts were calling for a profit of 26 cents a share.

Ameristar's revenue dropped 4% to $302.6 million, also missing Wall Street's estimate of $310.4 million.

Shares of Ameristar are tumbling 4.5% to $19.12 in early Tuesday trading.

-- Reported by Jeanine Poggi in New York.

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