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                                                                    EXHIBIT 99.1

AMERISTAR CASINOS, INC. REPORTS EXPECTED 4TH QUARTER RESULTS

LAS VEGAS, January 17, 2001 - Ameristar Casinos, Inc. (Nasdaq: ASCA) announced
today that it expects fourth quarter earnings per share before extraordinary
charges to be approximately $0.02 per share compared to analyst estimates of
$0.04 per share. The following factors have contributed to the company's results
being lower than expected:

      --    The company's Council Bluffs and Vicksburg properties experienced
            disruption resulting from ongoing renovation projects during the
            fourth quarter. These projects are expected to be completed during
            the first half of 2001.

      --    Severe winter weather conditions in most of the company's markets
            adversely affected performance during December.

      --    The company completed the acquisition of its Kansas City and St.
            Charles properties on December 20, 2000. The Missouri properties
            added revenue and operating income based on their operations for the
            last eleven days of the quarter. This additional income was largely
            offset by a $2 million one-time charge related to the acquisition
            and additional interest and depreciation costs.

Due to an extraordinary charge of $9.9 million associated with the retirement of
the company's $100 million Senior Subordinated Notes and $115 million Revolving
Credit Facility, the company expects to report a net after-tax loss of
approximately $0.31 per share for the fourth quarter.

This press release contains certain forward-looking statements that generally
can be identified by the context of the statement or the use of words such as
the company or its management "believes," "anticipates," "intends," "expects,"
"plans," or words of similar meaning. Similarly, statements that describe the
company's future plans, objectives, strategies or goals are forward-looking
statements. Although management believes that the assumptions underlying the
forward-looking statements are reasonable, these assumptions and the
forward-looking statements are subject to various factors, risks and
uncertainties, many of which are beyond the control of the company. Accordingly,
actual results could differ from those contemplated by the forward-looking
statements contained in this press release. Attention is directed to "Item 1.
Business -- Risk Factors" in the Annual Report on Form 10-K of Ameristar
Casinos, Inc. for the fiscal year ended Dec. 31, 1999 and "Item 2. Management's
Discussion and Analysis of Financial Condition and Results of Operations -
Liquidity and Capital Resources" in the Quarterly Report on Form 10-Q/A on
Ameristar Casinos, Inc. for the fiscal quarter ended September 30, 2000 for a
discussion of some of the factors, risks and uncertainties that could affect the
company's future results.

Ameristar Casinos, Inc., a publicly traded company (Nasdaq, ASCA) with a strong
background in the gaming and hospitality industry dating back to 1954, owns and
operates Ameristar Casino Kansas City in Kansas City, Missouri, Ameristar Casino
Council Bluffs in Council Bluffs, Iowa in metropolitan Omaha, Ameristar Casino
St. Charles in St. Charles, Missouri in metropolitan St. Louis, Ameristar Casino
Vicksburg in Vicksburg, Mississippi, Cactus Petes Resort Casino and The Horseshu
Hotel & Casino in Jackpot, Nevada and The Reserve Hotel Casino in Henderson,
Nevada in metropolitan Las Vegas.

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