Exhibit 99.1

FOR IMMEDIATE RELEASE

CONTACT:

Tom Steinbauer

Senior Vice President, Chief Financial Officer

Ameristar Casinos, Inc.

702-567-7000

Ameristar Casinos reports 3Q 2012 results

·                  3Q Net Revenues and Adjusted EBITDA declined slightly YOY

·                  Majority of properties improved Adjusted EBITDA YOY

·                  Strong 3Q Adjusted EBITDA margin held steady at 29.6%

·                  Record-breaking results generated by Ameristar Black Hawk

·                  Construction of Ameristar Lake Charles continues on schedule

LAS VEGAS, Wednesday, Oct. 31, 2012 — Ameristar Casinos, Inc. (NASDAQ-GS: ASCA) today announced financial results for the third quarter of 2012.

“The 2012 third quarter was one of Ameristar’s most profitable quarters ever despite a slight decline in net revenues and Adjusted EBITDA,” said Gordon Kanofsky, Ameristar’s Chief Executive Officer.  “Ameristar’s operating model and geographic diversification produced an Adjusted EBITDA margin equal to our third quarter record margin achieved in 2011.  Several properties improved their key financial metrics on a year-over-year basis, including Ameristar Black Hawk, which had the best quarter in its history.  Our scale and diversification helped mitigate the impact from additional competition faced in two of our markets.  Additionally, our efficient operating model absorbed a $1.1 million year-over-year increase in development expenses in the third quarter, which were related to our Louisiana and Massachusetts projects.

Please refer to the tables beginning on page 13 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.

“We look forward to further growing our company and diversifying our operations when we complete our luxury casino resort in Lake Charles, La., which is expected to open in the third quarter of 2014.  Additionally, our proposal in Springfield, Mass. to develop a world-class luxury resort in a new geographic region serves as another example of our commitment to pursue growth opportunities.  We will continue our pursuit of North American acquisitions and development projects that surpass our ROI hurdles and are within our risk tolerance, as well as other means to maximize long-term shareholder value, including debt reduction, dividends and stock repurchases.”

Consolidated net revenues for the third quarter decreased year over year by $6.5 million (2.1%), to $298.0 million.  Black Hawk improved net revenues by $2.3 million (5.7%) to an all-time quarterly record for the property of $42.4 million.  Despite construction disruption affecting our St. Charles and Jackpot properties, each produced stable year-over-year net revenues and improved sequentially upon second quarter net revenues.  St. Charles overcame floor disruption from a slot system upgrade and street construction near our property.  Both projects were completed in the third quarter of 2012.  Maintenance on the I-70 bridge near our St. Charles property will commence in earnest in early November and is expected to negatively impact results for approximately one year, during which four of the bridge’s 10 lanes will be closed.  Jackpot’s construction disruption related to a road repaving project on Highway 93 between Twin Falls, Idaho and Jackpot that concluded late in the third quarter and a hotel renovation affecting 21% of the Jackpot properties’ rooms that was completed in late July 2012.

As anticipated, new competition continued to impact Ameristar Kansas City, which had a year-over-year net revenue decline of $4.0 million (7.1%).  Additionally, East Chicago’s third quarter net revenues declined by $4.6 million (8.5%) year over year mostly as a result of low table games hold and increased competition in the Chicagoland market.  A promotional program intended to counter East Chicago’s new competitive environment contributed to an increase of $0.6 million (0.8%) in consolidated third quarter promotional allowances over the prior-year third quarter.

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The majority of our properties produced higher Adjusted EBITDA on a year-over-year basis.  Black Hawk established its all-time quarterly Adjusted EBITDA record of $16.1 million, a year-over-year increase of $1.4 million (9.2%), while Council Bluffs improved $0.8 million (5.1%) year over year.  Despite the generally strong performance from several properties, consolidated Adjusted EBITDA decreased from the prior-year third quarter by $2.1 million (2.4%) to $88.1 million as a result of year-over-year declines of $2.0 million (21.6%) and $1.6 million (7.8%) at East Chicago and Kansas City, respectively.

Third quarter consolidated net revenues and Adjusted EBITDA improved on a year-over-year basis when excluding the financial results from our East Chicago and Kansas City properties. The combined operating results of our other six properties with stable competitive conditions in their respective markets reflect year-over-year increases in net revenues and Adjusted EBITDA of $2.1 million (1.1%) and $2.2 million (3.0%), respectively.

Through the efficiency of our operating model, third quarter consolidated Adjusted EBITDA margin held steady at a strong 29.6% year over year despite the revenue decline and increased non-capitalizable development expenses.  We generated operating income of $57.4 million in the third quarter of 2012, compared to $61.1 million in the same period in 2011.

For the quarter ended Sept. 30, 2012, we reported net income of $16.1 million, compared to net income of $18.9 million for the same period in 2011.  Diluted earnings per share were $0.48 for the third quarter of 2012, compared to diluted earnings per share of $0.56 in the prior-year third quarter.  Adjusted EPS of $0.48 for the quarter ended Sept. 30, 2012 represents a decrease of $0.09 from Adjusted EPS for the 2011 third quarter.

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Growth Pipeline

Ameristar Casino Resort Spa Lake Charles

Construction of Ameristar Casino Resort Spa Lake Charles began on July 20, 2012 and is progressing on schedule.  The resort is being developed on a leased 243-acre 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.  In establishing the scale, scope and budget for Ameristar Lake Charles, we have sought to maximize its return on investment potential based on our assessment of the market, which includes approximately 6.1 million adults within 150 miles, extending to the Houston, Tex. metropolitan area, and which we believe is underserved by the currently operating casinos in the market.  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.

Ameristar Casino Resort Spa Springfield

In January 2012, we purchased a 40-acre site just minutes from downtown Springfield, Mass. with the intent to apply for the sole casino license for western Massachusetts.  On October 23, 2012, we announced specific plans for our proposal to develop Ameristar Casino Resort Spa Springfield if we are awarded the license.  Our plan includes a 150,000-square-foot casino featuring approximately 3,300 slot machines and 110 table games, including a poker room.  Ameristar Springfield is expected to include a 500-room luxury hotel with 50 suites.  The property will feature indoor and outdoor resort swimming pools, a spa, a fitness center and retail amenities.  There will be a diverse offering of nationally- and locally-recognized food and beverage venues, offering everything from upscale to casual dining.  Also planned is a conference and entertainment center, along with garage parking for approximately 4,300 vehicles. The resort is master-planned to accommodate significant future expansions of the casino, hotel and parking garages.

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We estimate the initial development cost of Ameristar Springfield would be approximately $910 million, which includes capitalized interest and pre-opening expenses and a license fee payment to the Commonwealth of Massachusetts.  Ameristar’s proposed budget also includes the $16.9 million paid earlier in 2012 to acquire the site and $58 million for planned traffic improvements to create easy access to the resort and alleviate current traffic problems in the area.  As with our Lake Charles project currently under construction, we believe our proposed scale, scope and budget for Ameristar Springfield will allow us to strongly compete for the western Massachusetts license and maximize the return on investment potential in a market with approximately 2.5 million adults within a 50-mile radius.

The City of Springfield is currently conducting a process to select one or more casino proposals to be submitted to the gaming commission that is currently scheduled for completion during the first half of 2013.  The gaming commission anticipates making decisions for the awarding of licenses in the first quarter of 2014.

We believe our proposal has several competitive advantages over the other two casino development proposals for Springfield, including:

·                  A 12- to 18-month head start on development (and the creation of jobs and the flow of tax revenues) since Ameristar’s site is the only one that is owned or controlled by the developer and is immediately ready for construction.

·                  A site that is three to four times larger than either of the competing proposed sites, with a larger scale casino and hotel.

·                  The lowest site acquisition, site development and infrastructure costs, which will allow us to maximize our investment in creating a world-class resort experience that we believe will attract more visitors to Springfield.

·      A traffic plan that we believe will create the easiest access with the least impact on local traffic.

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Based on these factors, we believe Ameristar’s proposal has the potential to maximize gaming and total revenues, gaming taxes, direct and indirect job creation and overall economic impact compared to any of the other announced proposals for Springfield or other locations in western Massachusetts.

Additional Financial Information

Cash and Cash Equivalents.  At Sept. 30, 2012, total cash was $116.3 million, representing an increase of $30.6 million from total cash as of Dec. 31, 2011.  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).  In October 2012, we made the $39 million semi-annual interest payment related to the $1.04 billion principal amount of our 7.50% Senior Notes due 2021.

Debt.  At Sept. 30, 2012, the face amount of our outstanding debt was $1.9 billion.  Net repayments for the third quarter of 2012 totaled $2.5 million.  At Sept. 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 5.01:1.

Capital Expenditures.  For the quarters ended Sept. 30, 2012 and 2011, capital expenditures totaled $34.4 million and $19.1 million, respectively.  Third quarter 2012 capital expenditures include $15.2 million associated with the Lake Charles construction project.

Stock Repurchase Program.  On Sept. 15, 2011, our Board of Directors approved the repurchase of up to $75 million of Ameristar common stock through Sept. 30, 2014.  During the third quarter of 2012, we repurchased approximately 0.7 million shares of common stock at a total cost of approximately $11.1 million under the stock repurchase program.  To date, we have repurchased approximately 1.0 million shares of common

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stock, or 3% of our outstanding stock, under the program at an average price of $16.67 per share, for a total cost of $16.7 million.

Dividend.  During the third quarter of 2012, our Board of Directors declared a cash dividend of $0.125 per share, which we paid on Sept. 14, 2012.  On Oct. 26, 2012, the Board declared a cash dividend of $0.125 per share, payable on Dec. 14, 2012.

Outlook

For the full year 2012, we currently expect:

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Conference Call Information

We will hold a conference call to discuss our third quarter results on Wednesday, Oct. 31, 2012 at 10 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 1153647.  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 1 p.m. EDT Oct. 31, 2012 until 11:59 p.m. EST Nov. 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 Dec. 31, 2011, and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 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 7,200 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 (loss) margin is operating income (loss) 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 September 30, 2012

Three Months Ended September 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 condensed consolidated statements of operations.

(2) River flooding expenses 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)

Nine Months Ended September 30, 2012

Nine Months Ended September 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 condensed 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

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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.

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

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consolidated financial statements, all of which should be considered when evaluating our performance.

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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