Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:

Tom Steinbauer

Senior Vice President, Chief Financial Officer

Ameristar Casinos, Inc.

702-567-7000

Ameristar Casinos reports 2Q 2012 results

·                  2Q Net Revenues decreased $8.8 million (2.9%) YOY to $296.3 million

·                  2Q Adjusted EBITDA declined $4.1 million (4.3%) YOY to $90.2 million

·                  Strong 2Q Adjusted EBITDA margin of 30.4%

·                  2Q Adjusted EPS improved by $0.01 (2.0%) YOY to $0.51

·                  Construction of Ameristar Lake Charles commenced on July 20, 2012

LAS VEGAS, Wednesday, August 1, 2012 — Ameristar Casinos, Inc. (NASDAQ-GS: ASCA) today announced financial results for the second quarter of 2012.

“After an extremely strong first quarter, when we established several all-time financial performance records, the second quarter of 2012 proved to be a bit softer,” said Gordon Kanofsky, Ameristar’s Chief Executive Officer.  “The combination of new competition, construction disruption and a pull-back in consumer discretionary spending impacted the quarter.  As a result, we were unable to continue our lengthy year-over-year quarterly increases in net revenues, Adjusted EBITDA and Adjusted EBITDA margin.  Nonetheless, our Adjusted EPS grew on a year-over-year basis for the seventh consecutive quarter and we continued to operate with a strong consolidated Adjusted EBITDA margin above 30%.  Our Black Hawk property was a notable contributor to the consolidated margin as it produced the best quarterly financial performance in its history.  Looking beyond the quarterly performance measures, we achieved the best first-half financial performance in Ameristar’s history.

Please refer to the tables beginning on page 11 of this release for the reconciliation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EPS reported throughout this release.  Additionally, more information on these non-GAAP financial measures can be found under the caption “Use of Non-GAAP Financial Measures” at the end of this release.

“Additionally, we are pleased with the progress made on our casino hotel spa development in Lake Charles, La.  Within the last two months, we received the necessary regulatory approvals, completed the acquisition and commenced construction.  We look forward to further growing our company and diversifying our operations by adding a luxury casino resort that will cater to patrons from southwest Louisiana and east Texas, including the Houston metropolitan area.”

Consolidated net revenues for the second quarter decreased year over year by $8.8 million, to $296.3 million.  We believe the slower growth in consumer discretionary spending adversely impacted our top-line results.  Additionally, new competition continued to adversely impact our Kansas City and East Chicago properties, with year-over-year declines of $5.0 million (8.8%) and $3.6 million (6.4%), respectively.  Net revenues at our Jackpot properties decreased by $1.6 million (10.2%), due mostly to the combined effect of road repaving on Highway 93 between Twin Falls, Idaho and Jackpot and a hotel renovation that was completed in late July 2012.  As a result, Jackpot had a disproportionately large impact on the year-over-year changes in our key financial metrics for the second quarter.  Our Black Hawk and Vicksburg properties improved year-over-year net revenues by $1.8 million (4.6%) and $1.5 million (5.2%), respectively, as Black Hawk set a second quarter record and Vicksburg rebounded from the prior-year flooding.  Consolidated second quarter promotional allowances decreased $1.9 million (2.8%) from the prior-year second quarter, although promotional costs as a percentage of gross gaming revenues experienced a slight year-over-year increase.

For the second quarter of 2012, consolidated Adjusted EBITDA decreased from the prior-year second quarter by $4.1 million (4.3%) to $90.2 million.  Five of our properties had lower Adjusted EBITDA on a year-over-year basis, with Kansas City down $2.8 million (12.8%) and Jackpot down $1.4 million (25.8%).  Black Hawk established its all-time quarterly Adjusted EBITDA record at $15.0 million, an increase of $1.5 million (11.3%) over the prior-year second quarter.

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Consolidated Adjusted EBITDA margin decreased from 30.9% in the second quarter of 2011 to 30.4% in the current-year second quarter.  Nonetheless, the second quarter of 2011 and 2012 are the only quarters in which we have generated a consolidated Adjusted EBITDA margin in excess of 30% during the second, third or fourth quarters, reflecting the strength of the operational improvements we have put in place during the current economic downturn.  We generated operating income of $59.0 million in the second quarter of 2012, compared to $59.4 million in the same period in 2011.  Prior-year operating income was adversely impacted by $3.4 million in non-operational professional fees.

For the quarter ended June 30, 2012, we reported net income of $17.6 million, compared to a net loss of $41.3 million for the same period in 2011.  The year-over-year improvement in net income was mostly attributable to a pre-tax loss on early retirement of debt of $85.3 million ($54.7 million on an after-tax basis) recognized in the prior-year second quarter and the absence of non-operational professional fees in the current period.  Diluted earnings per share was $0.51 for the second quarter of 2012, compared to a loss per share of $1.10 in the prior-year second quarter.  Adjusted EPS of $0.51 for the quarter ended June 30, 2012 represents an increase of $0.01 over Adjusted EPS for the 2011 second quarter.  Second quarter 2012 EPS calculations were favorably impacted by the reduction from the prior-year second quarter of approximately 3.3 million weighted-average number of diluted shares as a result of the April 2011 share repurchase from our then majority shareholder.

Ameristar Lake Charles Construction Begins

On March 14, 2012, we entered into a definitive agreement to acquire all of the equity interests of Creative Casinos of Louisiana, L.L.C. (‘‘Creative’’) for $32.5 million.  The transaction closed on July 16, 2012, and construction began on July 20, 2012.

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Ameristar Casino Resort Spa Lake Charles is being developed on a 243-acre leased site and will include a casino with approximately 1,600 slot machines and 60 table games, a hotel with approximately 700 guest rooms (including 70 suites), a variety of food and beverage outlets, an 18-hole golf course, a tennis club, swimming pools, a spa and other resort amenities, and approximately 3,000 parking spaces, 1,000 of which will be in a garage.  The cost of the project (including the purchase price) is expected to be between $560 million to $580 million, excluding capitalized interest and pre-opening expenses.  We anticipate funding the project through a combination of cash from operations and borrowings under our revolving credit facility.  We expect to open the resort in the third quarter of 2014.

Additional Financial Information

Cash and Cash Equivalents.  At June 30, 2012, total cash was $135.5 million, which represented an increase of $49.8 million from total cash as of December 31, 2011 and was approximately $60 million more than required for daily operations.  The increase is attributable to accumulated cash flows from operations and no outstanding indebtedness subject to voluntary repayment under our revolving credit facility (as described below).  A portion of the excess cash was utilized to cover the Creative purchase price in July and the balance will be used primarily to fund the development of Ameristar Lake Charles.

Debt.  At June 30, 2012, the face amount of our outstanding debt was $1.9 billion.  Net borrowings for the second quarter of 2012 totaled $19.8 million.  At June 30, 2012, our Total Net Leverage Ratio (as defined in the senior credit facility) was required to be no more than 6.50:1.  As of that date, our Total Net Leverage Ratio was 4.99:1.

On April 26, 2012, we issued $240.0 million principal amount of 7.50% Senior Notes due 2021.  These notes were issued under the same indenture as the $800.0 million principal amount of 7.50% Senior Notes due 2021 that we issued in April 2011.  The new notes were sold at a premium to the principal amount, resulting in a yield to maturity of 6.88%.  The net proceeds from this offering were $244.0 million, of which $236.0 million was used to repay all the outstanding indebtedness under our revolving credit facility, which we may re-borrow from time to time.  The balance of the net proceeds will be used for general corporate purposes.  After applying the proceeds to the outstanding revolving credit facility and with no subsequent borrowings, we had $496.0 million available for borrowing under the revolving credit facility as of June 30, 2012.

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Capital Expenditures.  For the quarters ended June 30, 2012 and 2011, capital expenditures totaled $20.3 million and $16.1 million, respectively.

Dividend.  During the second quarter of 2012, our Board of Directors declared a cash dividend of $0.125 per share, which we paid on June 15, 2012.  On July 25, 2012, the Board declared a cash dividend of $0.125 per share, payable on September 14, 2012.

Outlook

In the third quarter of 2012, we currently expect:

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Conference Call Information

We will hold a conference call to discuss our second quarter results on Wednesday, August 1, 2012 at 11 a.m. EDT.  The call may be accessed live by dialing toll-free 866-400-0018 domestically, or 913-981-5521, and referencing pass code number 4022778.  Conference call participants are requested to dial in at least five minutes early to ensure a prompt start.  Interested parties wishing to listen to the conference call and view corresponding informative slides on the Internet may do so live at our website — www.ameristar.com — by clicking on “About Us/Investor Relations” and selecting the “Webcasts and Events” link.  A copy of the slides will be available in the corresponding “Earnings Releases” section one-half hour before the conference call.  In addition, the call will be recorded and can be replayed from 2 p.m. EDT August 1, 2012 until 11:59 p.m. EDT August 14, 2012.  To listen to the replay, call toll-free 888-203-1112 domestically, or 719-457-0820, and reference the pass code number above.

Forward-Looking Information

This release contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as “believes,” “estimates,” “anticipates,” “intends,” “expects,” “plans,” “is confident that,” “should,” “could,” “would,” “will” or words of similar meaning, with reference to Ameristar or our management.  Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations or goals are forward-looking statements.  It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct.    For a discussion of relevant factors, risks and uncertainties that could materially affect our future results, attention is directed to “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2011, and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.

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On a monthly basis, gaming regulatory authorities in certain states in which we operate publish gross gaming revenue and/or certain other financial information for the gaming facilities that operate within their respective jurisdictions.  Because various factors in addition to our gross gaming revenue (including operating costs, promotional allowances and corporate and other expenses) influence our operating income, Adjusted EBITDA and diluted earnings per share, such reported information, as it relates to Ameristar, may not accurately reflect the results of our operations for such periods or for future periods.

About Ameristar

Ameristar Casinos is an innovative casino gaming company featuring the newest and most popular slot machines.  Our 7,500 dedicated team members pride themselves on delivering consistently friendly and appreciative service to our guests.  We continuously strive to increase the loyalty of our guests through the quality of our slot machines, table games, hotel, dining and other leisure offerings.  Our eight casino hotel properties primarily serve guests from Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska and Nevada.  We began construction on our ninth property, a casino resort in Lake Charles, La., in July 2012, which we expect will open in the third quarter of 2014.  We have been a public company since 1993, and our stock is traded on the Nasdaq Global Select Market.  We generate more than $1 billion in net revenues annually.

Visit Ameristar Casinos’ website at www.ameristar.com (which shall not be deemed to be incorporated in or a part of this news release).

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AMERISTAR CASINOS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in Thousands, Except Per Share Data)

(Unaudited)

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AMERISTAR CASINOS, INC. AND SUBSIDIARIES

SUMMARY CONSOLIDATED FINANCIAL DATA

(Dollars in Thousands)

(Unaudited)

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AMERISTAR CASINOS, INC. AND SUBSIDIARIES

SUMMARY CONSOLIDATED FINANCIAL DATA - CONTINUED

(Dollars in Thousands)

(Unaudited)

(1)          Operating income margin is operating income as a percentage of net revenues.

(2)          Adjusted EBITDA margin is Adjusted EBITDA as a percentage of net revenues.

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RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA

(Dollars in Thousands) (Unaudited)

The following tables set forth reconciliations of operating income (loss), a GAAP financial measure, to Adjusted EBITDA, a non-GAAP financial measure.

Three Months Ended June 30, 2012

Three Months Ended June 30, 2011

(1) Deferred compensation plan expense represents the change in the Company’s non-cash liability based on plan participant investment results.  This expense is included in selling, general and administrative expenses in the Company’s consolidated statements of operations.

(2) Amounts are net of insurance reimbursements and represent non-capitalizable costs incurred to reduce exposure to significant property damage from extraordinary flood levels, as well as required flood cleanup costs.

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RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED EBITDA - CONTINUED

(Dollars in Thousands) (Unaudited)

Six Months Ended June 30, 2012

Six Months Ended June 30, 2011

(1) Deferred compensation plan expense represents the change in the Company’s non-cash liability based on plan participant investment results.  This expense is included in selling, general and administrative expenses in the Company’s consolidated statements of operations.

(2) Amounts are net of insurance reimbursements and represent non-capitalizable costs incurred to reduce exposure to significant property damage from extraordinary flood levels, as well as required flood cleanup costs.

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RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA

(Dollars in Thousands) (Unaudited)

The following table sets forth a reconciliation of consolidated net income (loss), a GAAP financial measure, to consolidated Adjusted EBITDA, a non-GAAP financial measure.

RECONCILIATION OF DILUTED EPS TO ADJUSTED DILUTED EPS

(Shares in Thousands) (Unaudited)

The following table sets forth a reconciliation of diluted earnings (loss) per share (EPS), a GAAP financial measure, to adjusted diluted earnings per share (Adjusted EPS), a non-GAAP financial measure.

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Use of Non-GAAP Financial Measures

Securities and Exchange Commission Regulation G, “Conditions for Use of Non-GAAP Financial Measures,” prescribes the conditions for use of non-GAAP financial information in public disclosures.  We believe our presentation of the non-GAAP financial measures Adjusted EBITDA and Adjusted EPS are important supplemental measures of operating performance to investors.  The following discussion defines these terms and explains why we believe they are useful measures of our performance.

Adjusted EBITDA is a commonly used measure of performance in the gaming industry that we believe, when considered with measures calculated in accordance with United States generally accepted accounting principles, or GAAP, gives investors a more complete understanding of operating results before the impact of investing and financing transactions, income taxes and certain non-cash and non-recurring items and facilitates comparisons between us and our competitors.

Adjusted EBITDA is a significant factor in management’s internal evaluation of total Company and individual property performance and in the evaluation of incentive compensation for employees.  Therefore, we believe Adjusted EBITDA is useful to investors because it allows greater transparency related to a significant measure used by management in its financial and operational decision-making and because it permits investors similarly to perform more meaningful analyses of past, present and future operating results and evaluations of the results of core ongoing operations.  Furthermore, we believe investors would, in the absence of the Company’s disclosure of Adjusted EBITDA, attempt to use equivalent or similar measures in assessment of our operating performance and the valuation of our Company. We have reported Adjusted EBITDA to our investors in the past and believe its inclusion at this time will provide consistency in our financial reporting.

Adjusted EBITDA, as used in this press release, is earnings before interest, taxes, depreciation, amortization, other non-operating income and expenses, stock-based compensation, deferred compensation plan expense, non-operational professional fees and river flooding expenses and reimbursements.  In future periods, the calculation of Adjusted EBITDA may be different than in this release.  The foregoing tables reconcile Adjusted EBITDA to operating income (loss) and net income, based upon GAAP.

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Adjusted EPS, as used in this press release, is diluted earnings per share, excluding the after-tax per-share impact of loss on early retirement of debt, the cumulative effect from tax elections, non-operational professional fees, non-cash tax provision impact from state tax rate change and river flooding expenses and reimbursements.  Management adjusts EPS, when deemed appropriate, for the evaluation of operating performance because we believe that the exclusion of certain items is necessary to provide the most accurate measure of our core operating results and as a means to compare period-to-period results.  We have chosen to provide this information to investors to enable them to perform more meaningful analysis of past, present and future operating results and as a means to evaluate the results of our core ongoing operations.  Adjusted EPS is a significant factor in the internal evaluation of total Company performance.  Management believes this measure is used by investors in their assessment of our operating performance and the valuation of our Company.  In future periods, the adjustments we make to EPS in order to calculate Adjusted EPS may be different than or in addition to those made in this release.  The foregoing table reconciles EPS to Adjusted EPS.

Limitations on the Use of Non-GAAP Measures

The use of Adjusted EBITDA and Adjusted EPS has certain limitations.  Our presentation of Adjusted EBITDA and Adjusted EPS may be different from the presentations used by other companies and therefore comparability among companies may be limited.  Depreciation expense for various long-term assets, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of Adjusted EBITDA.  Each of these items should also be considered in the overall evaluation of our results.  Additionally, Adjusted EBITDA does not consider capital expenditures and other investing activities and should not be considered as a measure of our liquidity.  We compensate for these limitations by providing the relevant disclosure of our depreciation, interest and income tax expense, capital expenditures and other items both in our reconciliations to the GAAP financial measures and in our consolidated financial statements, all of which should be considered when evaluating our performance.

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Adjusted EBITDA and Adjusted EPS should be used in addition to and in conjunction with results presented in accordance with GAAP.  Adjusted EBITDA and Adjusted EPS should not be considered as an alternative to net income, operating income or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures.  Adjusted EBITDA and Adjusted EPS reflect additional ways of viewing our operations that we believe, when viewed with our GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure.  Management strongly encourages investors to review our financial information in its entirety and not to rely on a single financial measure.

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