Ameristar Casinos (ASCA) Enters Definitive Agreement to Purchase Land in Springfield, Mass. for $16M
Tweet
Share
E-mailGet Alerts ASCA Hot Sheet
Join SI Premium – FREE
Ameristar Casinos, Inc. (NASDAQ: ASCA) announced today it has entered into a definitive agreement to purchase land in Springfield, Mass., with the intent to apply for the sole casino license for western Massachusetts and, if awarded, build a luxury hotel and entertainment resort.
"This is a great opportunity for Ameristar to build on a one-of-a-kind site within the city limits of Springfield, a city that would greatly benefit from an economic development project of this magnitude," said Gordon Kanofsky, Ameristar's Chief Executive Officer. "There are not many attractive new-market growth opportunities for casino companies, and this one in particular fits squarely within the Ameristar business model as an upscale regional destination casino operator."
Ameristar has agreed to purchase the 41-acre site at Page Boulevard and Interstate 291 for $16 million from an affiliate of the O'Connell Development Group Inc., which had anticipated a large-scale retail project on the site. Since Westinghouse vacated the property in 1970, it had been utilized for light industrial purposes, but more recently had been vacant. The buildings on the site are being razed, and the property will be delivered to Ameristar substantially ready for construction.
"This is a great opportunity for Ameristar to build on a one-of-a-kind site within the city limits of Springfield, a city that would greatly benefit from an economic development project of this magnitude," said Gordon Kanofsky, Ameristar's Chief Executive Officer. "There are not many attractive new-market growth opportunities for casino companies, and this one in particular fits squarely within the Ameristar business model as an upscale regional destination casino operator."
Ameristar has agreed to purchase the 41-acre site at Page Boulevard and Interstate 291 for $16 million from an affiliate of the O'Connell Development Group Inc., which had anticipated a large-scale retail project on the site. Since Westinghouse vacated the property in 1970, it had been utilized for light industrial purposes, but more recently had been vacant. The buildings on the site are being razed, and the property will be delivered to Ameristar substantially ready for construction.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- BIGG Digital Assets to rename as Surge Digital, consolidate shares
- CoVolt Power files for proposed IPO
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
