Ameristar does not have plans as of yet, they had some plans before the economy tanked. They are in the process of a merger with Pinnacle at this time, so my guess is after the merger, the new entity will most likely look at all the properties and provide capital for improvements.
Iowa changed the law about 5 or so years ago where the licenses do not have to be on water. Before that they allowed a few casinos to be built on bladders of water. But that was eliminated. Other than tracks Grand Falls, Isle of Capri Waterloo, Diamond Jo Dubuque are all land based. Wild Rose Emmetsberg was built over water, but drained the water.
As for us, we are converting the convention center on property to the casino, it will be a bit smaller - however it's all on one floor, however we feel that we will make up revenue by an improve slot capacity. Our slot capacity is low at Harrah's, removing a couple hundred slots will increase capacity on the slots, so our income per machine should be higher. The number of slots will limit us on our revenue generation compared to Horseshoe and Ameristar - but we will make it up in EBITDA because of slot capacity and the fact operating one floor generates more revenue and is more efficient to operate.
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