UPDATE 2-Ameristar profit rose slightly in 3rd quarter

* Q3 EPS 25 cents, unchanged vs year ago

* Adjusted EPS of 27 cents match Wall St estimate

* Revenue down 7 pct

* Shares rise 3.5 percent (Adds analyst comment, share price)

ATLANTA, Nov 4 (Reuters) - Ameristar Casinos Inc (ASCA.O) reported on Wednesday a slight increase in third-quarter profit as it cut expenses and benefited from a lower tax rate.

The results met Wall Street estimates and shares rose 3.5 percent.

Ameristar, which operates casinos in seven markets that include sites near St. Louis, Denver and Omaha, Nebraska, reported net income of $14.5 million, or 25 cents a share, up slightly from $14.3 million, or 25 cents a share, a year earlier.

"Ameristar's third-quarter results reflect the mixed regional market trends," Goldman Sachs analyst Steven Kent said in a research note. "The company's cost savings program boosted year-over-year margin comparisons."

Adjusted for one-time items, Ameristar earned 27 cents a share, matching the average analyst estimate as compiled by Thomson Reuters I/B/E/S.

The company said net revenue fell 7 percent to $299.4 million. Analysts had expected revenue of $316.7 million.

Operating expenses dropped 10 percent.

Shares of Ameristar were up 54 cents at $15.91 in morning trading on Nasdaq. (Reporting by Karen Jacobs; Editing by Gerald E. McCormick and Steve Orlofsky)