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                         NOTICE OF GUARANTEED DELIVERY

                                 FOR TENDER OF

                   10 3/4% SENIOR SUBORDINATED NOTES DUE 2009
                               (THE "OLD NOTES")

                                       OF

                            AMERISTAR CASINOS, INC.

     This form, or one substantially equivalent hereto, must be used to tender
Old Notes pursuant to the Exchange Offer described in the Prospectus dated May
24, 2001 (the "Prospectus") of Ameristar Casinos, Inc. (the "Company"), if a
holder of Old Notes cannot deliver a Letter of Transmittal to the Exchange Agent
listed below (the "Exchange Agent") or cannot either deliver the Old Notes to be
tendered or complete the procedure for book-entry transfer prior to 5:00 P.M.,
New York City time, on June 25, 2001 or such later date and time to which the
Exchange Offer may be extended (the "Expiration Date"). This form, or one
substantially equivalent hereto, must be delivered by hand or sent by facsimile
transmission or mail to the Exchange Agent, and must be received by the Exchange
Agent on or prior to the Expiration Date. See "The Exchange Offer -- Procedures
for Tendering Old Notes" in the Prospectus. Capitalized terms used herein and
not defined herein shall have the meanings ascribed thereto in the Prospectus.

            To: U.S. Bank Trust National Association, Exchange Agent


                                                 

      By Mail, by Hand or Overnight Delivery:                          By Facsimile:
       U.S. Bank Trust National Association                           (651) 244-1537
               180 East Fifth Street                               Confirm by Telephone:
             St. Paul, Minnesota 55101                                (800) 934-6802
       Attention: Specialized Finance Group


     Delivery of this instrument to an address other than as set forth above or
transmission of instructions via facsimile other than as set forth above does
not constitute a valid delivery.

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Ladies and Gentlemen:

     The undersigned hereby represents that he or she is the holder of the Old
Notes indicated below and that the Letter of Transmittal cannot be delivered to
the Exchange Agent and/or either the certificates representing such Old Notes
cannot be delivered to the Exchange Agent or the procedure for book-entry
transfer cannot be completed prior to the Expiration Date. The undersigned
hereby tenders the Old Notes indicated below pursuant to the guaranteed delivery
procedures set forth in the Prospectus and the Letter of Transmittal, receipt of
which is hereby acknowledged.


                                                               

Name(s) of Tender Holder(s): ______________________________       Address(es): ______________________________________________

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                   PLEASE PRINT OR TYPE
                                                                  Telephone Number(s):_______________________________________
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                      SIGNATURE                                   Name(s) in which Old Notes are registered: ________________

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            CERTIFICATE NO(S) (IF APPLICABLE)*                                   PRINCIPAL AMOUNT TRANSFERRED
            ----------------------------------                                   ----------------------------
                                                               

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* Need not be completed by book-entry holders.

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                             GUARANTEE OF DELIVERY
                    (NOT TO BE USED FOR SIGNATURE GUARANTEE)

     The undersigned, a member firm of a registered national securities exchange
or of the National Association of Securities Dealers, Inc., a commercial bank or
trust company having an office or a correspondent in the United States or an
"eligible guarantor institution" within the meaning of Rule 17Ad-15 under the
Securities Exchange Act of 1934, as amended, hereby guarantees that the
undersigned will deliver to the Exchange Agent the certificates representing the
Old Notes being tendered hereby in proper form for transfer (or a confirmation
of book-entry transfer of such Old Notes, into the Exchange Agent's account at
the book-entry transfer facility) with delivery of a properly completed and duly
executed Letter of Transmittal (or facsimile thereof), with any required
signature guarantees and any other required documents, all within five business
days after the Expiration Date.


                                                               
Name of Firm:
               --------------------------------------------       -----------------------------------------------------------
                        (PLEASE PRINT)                                         AUTHORIZED SIGNATURE (PLEASE PRINT)

Address:                                                          Name:
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                                                                                        PLEASE PRINT OR TYPE

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                         TITLE                                                                ZIP CODE

Telephone No.                                                     Dated:
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     The institution that completes this form must communicate the guarantee to
the Exchange Agent and must deliver the certificates representing any Old Notes
(or a confirmation of book-entry transfer of such Old Notes into the Exchange
Agent's account at the book-entry transfer facility) and the Letter of
Transmittal to the Exchange Agent within the time period shown herein. Failure
to do so could result in a financial loss to such institution.

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