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  1. #126  
    RX Senior
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    I have a friend who is in the top management of Isle of Capri and the casinos he is in charge of are very well managed. He has been in the business probably 30 plus years. Always good to purchase something that is well run to start with.
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  2. #127  
    RX Senior brucefan's Avatar
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    yes, I think this is a great acquisition for them, will bring some big name coverage to the company, and I think ERI can double from here over the next 6-12 months
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  3. #128  
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    Eldorado Resorts Plans more than $50 Million Of Facility Upgrades At Its Three Reno Properties

    Enhancements at Eldorado Reno, Silver Legacy and Circus Circus Reno to Include New Restaurants, Expanded Nightlife and Full-service Luxury Spa

    Company Release - 9/26/2016 8:45 AM ET
    RENO, Nev., Sept. 26, 2016 /PRNewswire/ -- Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "ERI," or "the Company") announced today that it expects to invest more than $50 million in facility enhancements to Eldorado Reno, Silver Legacy and Circus Circus Reno. Eldorado's master plan for the three connected properties, which span eight city blocks in downtown Reno, will be phased over three years, commencing in the fourth quarter of 2016. In addition to the renovation of over 4,100 guest rooms, each of the three resorts will introduce new restaurant concepts, reinvigorated nightlife and resort amenities, including a new full service Luxury Spa, creating a new standard of lodging in the city. The Reno properties' upgrade announcement comes on the heels of the company's recent agreement to acquire Isle of Capri Casinos, which, upon closing, will significantly diversify Eldorado's operations geographically and financially.
    Experience the interactive Multimedia News Release here: https://www.multivu.com/players/Engl...0mm-investment
    Reno is experiencing a strong economic upturn and a travel, tourism and cultural renaissance with healthy year-over-year growth. Expanded airline service to and from Reno combined with improvements in housing values, higher employment rates, increased recreational activities, an emerging food and art scene, as well as a variety of year-round cultural events, has created extraordinary excitement for both locals and tourists in the destination. In addition to Reno's strong ties to gaming, entertainment and tourism, the city's attractive economic environment is drawing diversified commerce with leading data centers, startups, technology, clean energy and healthcare companies moving their businesses and adding employees to the region.
    "Downtown Reno's renaissance and re-emergence as a vibrant growing economy has been remarkable and as the leading gaming and lodging operator in the market Eldorado Resorts has and will continue to benefit from the increased economic, tourist and local activity," said Gary Carano, Chairman and Chief Executive Officer of Eldorado. "Eldorado is a legacy operator in the market, having owned and operated Eldorado Reno since 1973. We acquired the remaining 50 percent interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno last summer based on our extensive knowledge of the Reno market and the surrounding region and the emerging recovery which is attracting new businesses that are catalyzing long-term economic support. Since then, we have undertaken detailed analysis and design work to develop a comprehensive master plan for our Reno Tri-properties focused on significantly elevating the gaming, entertainment, food and beverage and other amenities we bring to guests with a concurrent focus on generating an attractive return on our investment. The master plan and $50 million investment announced today will allow us to further integrate the guest experience among our three connected properties to deliver an enhanced and seamless luxury resort environment for our valued guests. We are excited to be starting construction later this year which will also contribute to the market's employment and economic strength and believe that all of our constituents, including guests, employees, shareholders and the local market will benefit from our strengthened Reno operations."
    Highlights of the reinvestment for Eldorado's Reno Tri-properties include:
    Eldorado Reno
    Guestrooms
    Influenced by the opulence of Eldorado, the mythical South American City of Gold, the design of new guestrooms at Eldorado Resort Casino reflects a refined and luxurious aesthetic. From elegant walls that feature a large abstract floral pattern to muted wall tones, punctuated by furnishings in walnut woods with gold accents, each room will offer a distinguished guest experience, which continues into the bathrooms, where new vanities, lighted mirrors, flooring and showers will create a spa-like setting.
    Luxury Spa
    Creating a game-changing two-floor experience, Eldorado's serene and all-new spa will offer a world-class, 20,000 square-foot healing sanctuary featuring indoor and outdoor spaces, including a rooftop pool. Embodying a Zen Tahoe-style atmosphere that celebrates fitness, wellness and tranquility, the contemporary full-service spa will be in partnership with renowned designers Trilogy Spa Holdings.
    Food & Beverage

    • Bar Centro
      Bar Centro is the center of the action for downtown nightlife. Upgrades for the chic ultra-lounge, offering hand crafted cocktails and nightly drink specials, will feature additional seating, a larger dance floor, and an island bar that dazzles with a stunning rectangular chandelier. Glistening with fuchsia and amethyst offset by silver and pearl accents, Bar Centro is the place to see and be seen for happy hour, drinks with friends or a late night on the town.


    • Hidden Pizza
      New York-style pizza arrives at Eldorado Reno with the debut of Hidden Pizza this fall. Tucked into a corner of the second floor across from The Brew Brothers, Hidden Pizza will offer fresh pizza by the slice starting at 5:00 p.m. and available through the late night. The after-hours crowd looking for that perfect fourth meal will love the convenience of by-the-slice options. Hidden Pizza will also be delivering food throughout the night to guest rooms at all three properties.

    Public Spaces

    • Eldorado's iconic Fountain of Fortune will undergo cosmetic enhancements. Originally designed by world-famous Tournament of Roses Parade Designer Raul Rodriquez and renowned New Orleans Sculptor Joe Barth, the 20-piece fountain is a must-see attraction at the property.

    Silver Legacy
    Guest Bathrooms
    Inspired by the Silver Legacy's vibrant, hip and happening atmosphere, all guest bathrooms will be updated with rich, modern accessories, to complement the plush carpeting and fine linen beds in Silver Legacy's discerning guestrooms. New bathrooms will feature soothing furnishings reminiscent of the breathtaking views of the Sierra Nevada Mountains.
    Race and Sports Book
    The all-new 8,500 square-foot William Hill Race and Sports Book at Silver Legacy, a $2 million project, opened Sept. 8 just in time for football season. Upon entering the new Race and Sports Book, two incredible, state-of-the-art, high-definition LED walls, each measuring an impressive 27 feet wide by 9 feet high, makes sports fans feel as if they were on the 50-yard line at any football stadium in America. Lined with 167 seats of unobstructed viewing, games will be played on over 60 televisions and a center bar with 20 beers on tap including local micro-brew favorites like Pigeon Head Pilsner and The Brew Brothers Carano Extra. The center bar also has 18 video poker machines, making it the only book in northern Nevada with a video poker bar.
    Food & Beverage

    • Canter's Delicatessen
      Legendary Canter's Deli will open at the Silver Legacy this Fall. Canter's has been serving up LA's finest deli experience for 85 years, has been voted the best pastrami by the Los Angeles Times and LA Weekly and has kept locals and celebrities alike returning for decades to enjoy award-winning authentic Jewish deli cuisine. With fresh baked breads, famous house made pickles and award-winning pastrami, Canter's will be open for breakfast, lunch and dinner.


    • Rum Bullions Island Bar
      Reno's only rum bar, Rum Bullions will be updated with a fresh approach to design and décor, while maintaining its laid back island atmosphere. Transporting guests to a seaside getaway with its signature daiquiris, Mai Tais and coladas, the destination will elevate its reputation as a popular hotspot to meet friends and unwind. Exotic specialty drinks, live music and themed nights will continue to be part of the Rum Bullions itinerary.

    Dome Experience
    As the central attraction of Silver Legacy, an all-new immersive high-tech interactive experience will be created.
    Circus Circus Reno
    Lighting of the Towers
    The skyline of Reno will be brought back to life when the towers at Circus Circus are lit up with the latest in LED lighting technology.
    Guestrooms
    Embracing a playful design aesthetic, guestrooms at Circus Circus Reno will be completely remodeled with inspiration from "The Greatest Show on Earth." From alluring carpets with splatters of bright colors to graphic wall sets that display Reno street scenes and neon signs, every inch of the rooms pay homage to the liveliness of the city. The contemporary rooms, which will also feature newly redesigned bathrooms, will provide a modern and whimsical place away from home suitable for business or pleasure.
    Food & Beverage

    • The Circus Circus Buffet will be completely revamped into a modern fast casual food court. The food court will feature a number of fresh, high-quality, brand name eateries new to the Reno market. The space will feature over 180 seats in an open common area, perfect for families looking for fast, delicious food on-the-go.


    • Café Americana will undergo a complete design and interior remodel. The newly themed 24-hour restaurant will offer American food classics such as juicy burgers, gooey grilled cheeses, all-day breakfast selections and hot apple pie.


    • Kokopelli's Cantina, an innovative restaurant concept that combines the flavors of Japan and Mexico, is coming to Circus Circus offering modern Mexican favorites and sushi together in a festive and stylish setting. The new restaurant will also feature an array of cocktails, including hand crafted margaritas, micheladas and the finest selection of sake.

    Carnival Midway Reinvention
    Fun for adults and kids alike, the midway will be reinvented; transformed from a traditional American circus vibe to a more whimsical European feel. Featuring a variety of performers, entertainment and games of chance, the venue will create a new sense of wonder by highlighting the clowns, acrobats and artists at its epicenter.
    Public Spaces

    • New carpet will be installed throughout the entire casino floor adding to the refreshed, modern look and feel of the resort.
    • The existing exterior Circus tent roof will be refurbished, providing a vibrant and welcoming entry space.

    Race and Sports Book
    The Circus Circus Race and Sports Book (also a William Hill design) will undergo renovations including upgraded sports viewing with state-of-the-art big screen TVs and a new sports bar and lounge.
    Details on each of the property's renovations will continue to be announced. For more information, or to keep updated on the exciting enhancements at Eldorado Resorts' Reno Tri-properties, visit www.eldoradoresorts.com.
    About Eldorado Resorts, Inc.
    Eldorado Resorts is a casino entertainment company that owns and operates seven properties in five states, including the Eldorado Resort Casino, the Silver Legacy Resort Casino and Circus Circus Resort Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Eldorado Gaming Scioto Downs in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA.
    The Company recently announced that it has entered into a definitive merger agreement to acquire Isle of Capri for total consideration of $1.7 billion. Upon completion of the transaction, expected to occur in the second quarter of 2017, Eldorado will add 13 additional properties to its portfolio.
    For more information, please visit www.eldoradoresorts.com.
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  4. #129  
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    Eldorado Resorts Reports Third Quarter Net Revenue of $241.6 Million, Operating Income of $28.1 Million and Adjusted EBITDA of $49.7 Million

    Eldorado Resorts, Inc. 3 minutes ago













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    RENO, Nev.--(BUSINESS WIRE)--
    Eldorado Resorts, Inc. (ERI) (“Eldorado,” “ERI,” or “the Company”) today reported operating results for the third quarter ended September 30, 2016.
    Total Net Revenue
    ($ in thousands, except per share data) Three Months Ended
    September 30,
    2016 2015 2015 Pre-
    Acquisition(1)
    2015
    Total(2)
    Change
    Reno Tri-Properties $ 89,676 $ 29,002 $ 59,381 $ 88,383 1.5 %
    Eldorado Shreveport 33,984 34,651 - 34,651 (1.9 )%
    Scioto Downs (3) 41,965 40,172 - 40,172 4.5 %
    Mountaineer 36,684 40,421 - 40,421 (9.2 )%
    Presque Isle Downs 39,256 39,294 - 39,294 (0.1 )%
    Total Net Revenue $ 241,565 $ 183,540 $ 59,381 $ 242,921 (0.6 )%
    ($ in thousands, except per share data) Adjusted EBITDA
    Three Months Ended
    September 30,
    2016 2015 2015 Pre-
    Acquisition(1)
    2015
    Total(2)
    Change
    Reno Tri-Properties $ 20,611 $ 5,766 $ 13,478 $ 19,244 7.1 %
    Eldorado Shreveport 8,676 7,639 - 7,639 13.6 %
    Scioto Downs (3) 14,654 14,043 - 14,043 4.4 %
    Mountaineer 3,951 6,443 - 6,443 (38.7 )%
    Presque Isle Downs 5,537 5,593 - 5,593 (1.0 )%
    Corporate (4) (3,709 ) (3,253 ) - (3,253 ) 14.0 %
    Total Adjusted EBITDA (5) $ 49,720 $ 36,231 $ 13,478 $ 49,709 0.0 %
    Operating income $ 28,109 $ 24,092
    Net income $ 9,682 $ 5,399
    Basic EPS $ 0.21 $ 0.12
    Diluted EPS $ 0.20 $ 0.12
    Total Net Revenue
    ($ in thousands, except per share data) Nine Months Ended
    September 30,
    2016 2015 2015 Pre-
    Acquisition(1)
    2015
    Total(2)
    Change
    Reno Tri-Properties $ 246,608 $ 79,961 $ 153,430 $ 233,391 5.7 %
    Eldorado Shreveport 100,514 103,919 - 103,919 (3.3 )%
    Scioto Downs (3) 123,991 118,438 - 118,438 4.7 %
    Mountaineer 105,824 122,619 - 122,619 (13.7 )%
    Presque Isle Downs 109,509 108,687 - 108,687 0.8 %
    Total Net Revenue $ 686,446 $ 533,624 $ 153,430 $ 687,054 (0.1 )%
    ($ in thousands, except per share data) Adjusted EBITDA
    Nine Months Ended
    September 30,
    2016 2015 2015 Pre-
    Acquisition(1)
    2015
    Total(2)
    Change
    Reno Tri-Properties $ 50,519 $ 13,268 $ 27,723 $ 40,991 23.2 %
    Eldorado Shreveport 24,579 22,727 - 22,727 8.1 %
    Scioto Downs (3) 43,823 41,279 - 41,279 6.2 %
    Mountaineer 11,170 18,662 - 18,662 (40.1 )%
    Presque Isle Downs 16,094 15,061 - 15,061 6.9 %
    Corporate (4) (11,476 ) (10,482 ) - (10,482 ) 9.5 %
    Total Adjusted EBITDA (5) $ 134,709 $ 100,515 $ 27,723 $ 128,238 5.0 %
    Operating income $ 76,026 $ 59,235
    Net income $ 23,842 $ 4,030
    Basic EPS $ 0.51 $ 0.09
    Diluted EPS $ 0.50 $ 0.09
    (1) Figures for the three and nine months ended September 30, 2015 represent the results of Silver Legacy and Circus Circus Reno for the period beginning on July 1, 2015 and January 1, 2015, respectively, and ending on November 24, 2015, the date that ERI acquired those properties. Such figures are based on the unaudited historical internal financial statements of such entities and have not been reviewed by the Company’s auditors.
    (2) Figures for the three and nine months ended September 30, 2015 include the operations of Silver Legacy and Circus Circus Reno, which were acquired by ERI on November 24, 2015, as if the acquisition occurred on January 1, 2015. Such presentation does not conform with generally accepted accounting principle (“GAAP”) or the Securities and Exchange Commission rules for pro forma presentation; however, we have included the combined information because we believe it provides a meaningful comparison for the periods presented.
    (3) Effective January 1, 2016, the Ohio Lottery Commission enacted a regulatory change which resulted in the establishment of a $1.0 million progressive slot liability and a corresponding decrease in net slot win in Q1 2016. The changes are non-cash and related to prior years. If the regulatory change didn’t take place, net revenues at Scioto Downs would have increased 5.5% for the nine months ended September 30, 2016. The net non-cash impact to Adjusted EBITDA was $0.6 million and that amount is added back to Scioto Downs’ Adjusted EBITDA for the nine months ended September 30, 2016.
    (4) Corporate for the nine months ended September 30, 2016 and three and nine months ended September 30, 2015 excludes severance expense of $1.5 million, $0.1 million and $0.1 million, respectively.
    (5) Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See "Reconciliation of GAAP Measures to Non-GAAP Measures" below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to operating income (loss), which the Company believes is the most comparable financial measure calculated in accordance with GAAP.
    “Eldorado’s total net revenues, Adjusted EBITDA and consolidated Adjusted EBITDA margin for the 2016 third quarter were in line with the prior-year’s pro forma results, against what was our toughest comp quarter for the year,” said Gary Carano, Chairman and Chief Executive Officer of Eldorado. “Our three largest contributing operations remain key catalysts for our business as Adjusted EBITDA increased year over year at all three with Adjusted EBITDA for our Reno Tri-Properties up 7.1%, Eldorado Scioto Downs increasing 4.4% and Eldorado Shreveport rising 13.6%.
    “Since the middle of 2014, we have successfully executed a multi-pronged growth strategy comprised of organic growth through targeted return focused facility enhancement projects, a $10 million cost savings program and refined operating management disciplines. These initiatives have been complemented by growth through accretive acquisitions which expanded our scale, operating efficiencies and margins. Following our acquisition of MGM’s 50 percent interest in the Silver Legacy Resort Casino Reno and the assets of Circus Circus Reno, our Reno Tri-Properties operations offer a strong foundation to drive organic growth in a vibrant market.
    “During the third quarter, we announced the development of a comprehensive master plan for the Reno Tri-Properties designed to elevate the gaming, entertainment, food, beverage and other amenities available to guests across the complex and generate returns on our investment. We have commenced work on our $50 million Tri-Property facility enhancement plan that will further integrate the guest experience and deliver an enhanced and seamless luxury resort environment. Work is scheduled to be phased over three years to minimize disruption to our customers and key projects include renovations to all of the 4,100 rooms across the complex that celebrate the unique attributes of each property, enhanced race and sports books at Silver Legacy and Circus Circus, a new world-class luxury spa at Eldorado Reno, new food and beverage venues across the complex, upgrades to public spaces and a transformation of the carnival midway at Circus Circus.
    “Late in the third quarter, we announced the planned $1.7 billion acquisition of Isle of Capri Casinos in what is a transformational growth opportunity for Eldorado. This acquisition represents a significant milestone in our long-term strategy to expand our regional gaming platform through accretive acquisitions and upon completion will dramatically increase the scale of our gaming operations and further diversify the geographic reach of our company. The transaction is expected to be immediately accretive to our free cash flow and diluted earnings per share, inclusive of identified cost synergies of approximately $35 million in the first year following the completion of the transaction. Importantly, after giving effect to the planned dispositions of Isle of Capri Casino Hotel Lake Charles and Lady Luck Casino Marquette, the combined operations of Eldorado and Isle will feature approximately 20,290 slot machines and VLTs, more than 550 table games and over 6,550 hotel rooms. As we move through the regulatory review process in advance of an expected closing in the second quarter of 2017, the Eldorado team is creating detailed plans to implement our margin enhancement strategies across the Isle of Capri property portfolio while elevating the customer experience by marrying best practices from both companies. Eldorado has a wealth of proven gaming, hotel management and food and beverage managerial talent and we believe that a combined Eldorado and Isle of Capri can create substantial near- and long-term synergies and value for our combined shareholder base.”
    Balance Sheet and Liquidity
    At September 30, 2016, Eldorado had $44.6 million in cash and cash equivalents and $2.4 million in restricted cash. Outstanding indebtedness at September 30, 2016 totaled $813.7 million, including $19.0 million outstanding on the Company’s revolving credit facility. Capital expenditures in the third quarter and first nine months of 2016 totaled $12.6 million and $32.9 million, respectively. The Company anticipates 2016 full-year capital expenditures of $56 million, up from the previous estimate of $50 million as the Company has pulled forward planned project cap-ex at the Reno Tri-Properties.
    “During the quarter we remained focused on the health of our balance sheet and made cash interest payments of $18.2 million while making additional repayments of $4.1 million on our debt,” said Tom Reeg, President and Chief Financial Officer of Eldorado. “As a result, Eldorado’s total 2016 debt reduction through September 30, 2016 amounted to $77.7 million which combined with our Adjusted EBITDA growth lowered our trailing twelve month consolidated gross leverage ratio to 4.9x. In addition, over the last two years we have deployed available capital to strategic facility enhancement projects which have led to property-level operating improvements, and have significantly increased the scale of our operations with the acquisition of the MTR assets as well as Circus Circus Reno and MGM’s 50% interest in Silver Legacy we did not own to complement our existing property base. Going forward, our priority remains to deploy free cash flow from existing operations and the planned acquisition of Isle of Capri to reduce leverage and pursue future growth opportunities.”
    Summary of 2016 Third Quarter Property Results and Facility Enhancements
    Nevada
    Net revenue at the Reno Tri-Properties for the quarter ended September 30, 2016 increased 1.5% over the prior-year period to $89.7 million, with operating income decreasing 9.0% to $15.6 million and Adjusted EBITDA of $20.6 million growing 7.1% year over year. Adjusted EBITDA margin increased 121 basis points in the third quarter to 23.0%. The improvement in Adjusted EBITDA reflects the leverage in the Tri-Properties operating model as the year-over-year increase in many of the complex’s volume indicators drove improved flow through of revenue to Adjusted EBITDA. RevPAR improved 5% in the quarter and is up 13.1% year-to-date. The consolidation of the Tri-Properties continues with the ongoing implementation of revenue and expense synergy strategies and the commencement of the Company’s $50 million capital plan in the market.
    Louisiana
    Net revenue at Eldorado Shreveport declined 1.9% to $34.0 million in the third quarter of 2016 from $34.7 million in the third quarter of 2015 while operating income increased 15.5% year over year to $6.7 million. Adjusted EBITDA increased 13.6% to $8.7 million from $7.6 million in the comparable quarter of 2015 reflecting continued improvements in expense management. While weakness in the energy sector continued to impact the Shreveport market, the property increased its market share in the third quarter and achieved above 100% “fair share” for the first time ever in the quarter.
    Eastern Properties
    Net revenue at Eldorado Scioto Downs increased 4.5% to $42.0 million in the third quarter of 2016 from $40.2 million in the third quarter of 2015 and operating income increased 1.1% year over year to $10.3 million. Scioto Downs’ third quarter 2016 Adjusted EBITDA increased 4.4% to $14.7 million from $14.0 million in the comparable prior-year period. Both net revenues and Adjusted EBITDA at Scioto Downs grew on a year over year basis for the seventh consecutive quarter. In addition, reflecting the benefit from the 2015 fourth quarter opening of The Brew Brothers microbrewery and restaurant, non-gaming revenue at the property rose 3.1% in the third quarter. Construction on the 118-room Hampton Inn Hotel at the property continues and the hotel, being developed by a third party, is now expected to open early in the first quarter of 2017 representing a slight delay from the prior expectation that it would open in the fourth quarter of 2016.
    At Presque Isle Downs & Casino, third quarter 2016 net revenue of $39.3 million was in line with the prior-year period net revenue while operating income increased 15.6% year over year to $3.8 million. Adjusted EBITDA declined slightly to $5.5 million in the third quarter of 2016 from $5.6 million a year ago.
    Net revenue at Mountaineer Casino, Racetrack & Resort declined 9.2% to $36.7 million in the third quarter of 2016 from $40.4 million in the third quarter of 2015 with operating income decreasing 62.6% to $1.0 million over the same time period. Adjusted EBITDA declined 38.7% year over year to $4.0 million. While the county smoking ban that went into effect July 1, 2015 was lapped at the beginning of the third quarter of 2016, its implementation continued to impact property results.
    Reconciliation of GAAP Measures to Non-GAAP Measures
    Adjusted EBITDA (defined below), a non GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. Adjusted EBITDA represents operating income (loss) before depreciation and amortization, stock based compensation, (gain) loss on the sale or disposal of property, equity in income of unconsolidated affiliate, acquisition charges, S-1 expenses, severance expenses and other regulatory gaming assessments, including the impact of change in reporting requirements, to the extent that such items existed in the periods presented. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with U.S. GAAP, is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.
    Third Quarter Conference Call
    Eldorado will host a conference call at 4:30 p.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/325-4904, conference ID 5680096 (domestic and international callers). Participants can also access a live webcast of the call through the “Events & Presentations” section of Eldorado’s website at http://www.eldoradoresorts.com/ and a replay of the webcast will be archived on the site for 90 days following the live event.
    About Eldorado Resorts, Inc.
    Eldorado Resorts is a casino entertainment company that owns and operates seven properties in five states, including the Eldorado Resort Casino, the Silver Legacy Resort Casino and Circus Circus Resort Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Scioto Downs Racino in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA. For more information, please visit www.eldoradoresorts.com.
    The Company recently announced that it has entered into a definitive merger agreement to acquire Isle of Capri Casinos, Inc. (ISLE) for total consideration of $1.7 billion. Upon completion of the transaction, expected to occur in the second quarter of 2017, Eldorado will add 12 additional properties to its portfolio taking into account announced divestitures.
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  5. #130  
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    Eldorado Resorts, Inc. director just picked up 10,000 shares

    Get notified next time ERI.US makes a similar move!

    James B Hawkins, a director of Eldorado Resorts, Inc., recently acquired 10,000 shares of the company. The buys took place at $10.99 per share, on November 08, 2016. Hawkins now owns 65,000 shares of the company. Hawkins operates out of Reno, NV. Some additional info was provided as follows:



    The above information was disclosed in a filing to the SEC. To see the filing, click here.

    To receive a free e-mail notification whenever Eldorado Resorts, Inc. makes a similar move, sign up!
    Other recent filings from the company include the following:Eldorado Resorts, Inc. director just picked up 1,000 shares - Nov. 8, 2016
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  6. #131  
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    SEC Form 4
    FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
    or Section 30(h) of the Investment Company Act of 1940
    OMB APPROVAL
    OMB Number: 3235-0287
    Estimated average burden
    hours per response: 0.5
    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
    1. Name and Address of Reporting Person*
    (Last) (First) (Middle)
    100 WEST LIBERTY STREET 11TH FLOOR

    (Street)
    RENO NV 89501

    (City) (State) (Zip)
    2. Issuer Name and Ticker or Trading Symbol
    Eldorado Resorts, Inc. [ ERI ]
    5. Relationship of Reporting Person(s) to Issuer
    (Check all applicable)
    X Director 10% Owner
    Officer (give title below) Other (specify below)
    3. Date of Earliest Transaction (Month/Day/Year)
    11/08/2016
    4. If Amendment, Date of Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line)
    X Form filed by One Reporting Person
    Form filed by More than One Reporting Person
    Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
    1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
    Code V Amount (A) or (D) Price
    Common Stock 11/08/2016 P 1,000 A
    $
    11.0349
    131,000 D
    Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
    (e.g., puts, calls, warrants, options, convertible securities)
    1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
    Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
    Explanation of Responses:
    /s/ Anthony L. Carano, by power of attorney 11/08/2016
    ** Signature of Reporting Person Date
    Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
    * If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
    ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
    Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
    Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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  7. #132  
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    Eldorado Resorts, Inc. director just picked up 5,000 shares



    Michael E Pegram, a director of Eldorado Resorts, Inc., recently acquired 5,000 shares of the company. The buys took place at $10.95 per share, on November 09, 2016. Pegram now owns 51,697 shares of the company. Pegram operates out of Reno, NV. Some additional info was provided as follows:



    The above information was disclosed in a filing to the SEC. To see the filing, click here.


    Other recent filings from the company include the following:Eldorado Resorts, Inc.'s President and CFO just picked up 4,200 shares - Nov. 14, 2016

    Eldorado Resorts, Inc.'s President and CFO just picked up 4,200 shares

    Thomas Reeg, Eldorado Resorts, Inc.'s President and CFO and a director of the company, recently acquired 4,200 shares of the company. The buys took place at $12.05 per share, on November 11, 2016. Reeg now owns 43,700 shares of the company. Reeg operates out of Reno, NV. Some additional info was provided as follows:


    The above information was disclosed in a filing to the SEC. To see the filing, click here.
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  8. #133  
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    ...up,up,up. Still seems undervalued.
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  9. #134  
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    Stock will get even more attention once the merger actually closes , I believe at the end of January


    $ERI Imperial Capital raises PT to $21 from $19 https://stocknews.com/news/eri-imper...-to-21-from-19
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  11. #136  
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    Quote Originally Posted by mickj View Post


    Lots more to go, very bullish on this one going into 2017
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    5 Top Picks For January

    10:37 am ET January 5, 2017 (Benzinga) Print
    Based on the latest share prices and the respective one-year price targets, the list of top five equity investment opportunities represents an average upside potential of ~22 percent, Imperial Capital’s Michael Derchin said in a report. All the stocks have Outperform ratings.
    1. Ascent Capital
    Analyst Jeff Kessler assigned a price target of $21 on Ascent Capital Group Inc (NASDAQ: ASCMA). He believes Ascent Capital continues to be operationally strong.
    During its latest earnings conference, management reiterated that the company was not witnessing any slowdown due to cable or telecommunication companies entering the security space.
    Management should be able to reduce the current attrition rate to below 13 percent by the second half of 2018, Kessler mentioned. He added, “We believe the company is likely to see continued increases in the take rates of wireless interactive services and ARPU. Self-generated leads by the dealer base have not been adversely affected as a result of the national media advertising from the competition.”
    The company believes that the rebranding from Monitronics to MONI could highlight the leadership of the business in the smart home space.
    2. Eldorado Resorts
    Analyst Gregg Klein assigned a price target of $21 on Eldorado Resorts Inc (NASDAQ: ERI).
    The company’s strong earnings growth since its acquisition of 50 percent of the Silver Legacy and the Circus Circus in Reno is “an excellent sign” for the upcoming acquisition of Isle of Capri Casinos, which is expected to close in Q2 2017, Klein mentioned.
    “The company’s leverage remains low and we expect it to steadily deleverage following the ISLE acquisition through strong free cash flow,” the analyst commented. He added that Eldorado Resorts’ shares were trading at a lower multiple compared to peers and that the multiple should improve in 2017.
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  13. #138  
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    Shareholders of Eldorado Resorts and Isle of Capri Casinos Vote to Approve Eldorado's Acquisition of Isle of Capri





    PR NewswireJanuary 25, 2017






    RENO, Nev. and ST. LOUIS, Mo., Jan. 25, 2017 /PRNewswire/ -- Eldorado Resorts, Inc. (ERI) ("Eldorado") and Isle of Capri Casinos, Inc. (ISLE) ("Isle of Capri" or "Isle") announced that, at separate Special Meetings of Shareholders today, their respective shareholders approved certain actions in connection with Eldorado's acquisition of Isle of Capri. The transaction is expected to be consummated in the second quarter of 2017 and remains subject to the approval of applicable gaming authorities, and other customary closing conditions.
    Holders of over 99% of the Eldorado shares that voted on the issuance of shares of Eldorado common stock in the merger cast their votes in favor, representing approximately 85% of Eldorado's outstanding common stock as of the record date for the shareholder meeting. Holders of over 99% of the Isle shares that voted on the merger cast their votes in favor, representing approximately 84% of Isle's outstanding common stock as of the record date for the shareholder meeting. Both Eldorado and Isle will file a Current Report on Form 8-K with the respective final results of the votes. Eldorado and Isle shareholders also approved each of the other matters on their respective meeting agendas including the Isle shareholders' approval, on an advisory basis, of certain payments to Isle's executive officers in connection with the merger.
    Gary Carano, Chairman and Chief Executive Officer of Eldorado, commented, "The acquisition of Isle of Capri represents a significant milestone in our long-term strategy to expand our regional gaming platform through accretive acquisitions. Upon completion of the transaction we will substantially increase the scale of our gaming operations and further diversify the geographic reach of Eldorado. After giving effect to the planned dispositions of Isle of Capri Casino Hotel Lake Charles and Lady Luck Casino Marquette, the combined operations of Eldorado and Isle will feature approximately 20,290 slot machines and VLTs, more than 550 table games and over 6,550 hotel rooms in ten states. The transaction is expected to be immediately accretive to our free cash flow and diluted earnings per share, inclusive of identified cost synergies of approximately $35 million expected in the first year following the completion of the transaction.
    "Since entering into the agreement, we have made progress towards the completion of the transaction including dialogue and meetings with gaming regulators and the development of detailed plans to optimize the operations of the combined company's properties. We expect that our planned initiatives to implement our margin enhancement strategies across the Isle of Capri property portfolio while elevating the customer experience by marrying best practices from both companies will position Eldorado for near and long-term success."
    Eric Hausler, Chief Executive Officer of Isle of Capri, added, "Today's vote is an important step towards providing Isle of Capri shareholders with substantial and immediate value, as well as the opportunity to participate in the upside potential of the combined company through the transaction with Eldorado. I believe Eldorado has a solid plan in place to quickly integrate the two companies and I look forward to working closely with the Eldorado team to bring our companies together to realize the benefits of this compelling combination and ensure a smooth transition."
    Transaction Details
    On September 19, 2016, Eldorado and Isle announced that they entered into a definitive merger agreement whereby Eldorado will acquire all of the outstanding shares of Isle of Capri for $23.00 in cash or 1.638 shares of Eldorado common stock, at the election of each Isle of Capri shareholder, reflecting total consideration of approximately $1.7 billion, inclusive of $929 million of long-term debt of Isle of Capri and its subsidiaries. Elections are subject to proration such that the outstanding shares of Isle common stock will be exchanged for aggregate consideration comprised of 58% cash and 42% Eldorado common stock. Upon completion of the transaction, Eldorado and Isle of Capri shareholders will hold approximately 62% and 38%, respectively, of the combined company's outstanding shares. In addition, subject to mutual agreement by both companies, two members of the Isle of Capri Board of Directors, Bonnie Biumi and Gregory J. Kozicz, will be designated as members of the Eldorado Board of Directors effective immediately following the closing of the transaction. Eldorado has received committed financing for the transaction totaling $2.1 billion from J.P. Morgan.

    J.P. Morgan is acting as exclusive financial advisor and Milbank Tweed Hadley & McCloy LLP is acting as legal counsel to Eldorado in connection with the proposed transaction. Credit Suisse is acting as exclusive financial advisor and Mayer Brown LLP is acting as legal counsel to Isle of Capri in connection with the proposed transaction.
    About Eldorado Resorts, Inc.
    Eldorado Resorts is a casino entertainment company that owns and operates seven properties in five states, including the Eldorado Resort Casino, the Silver Legacy Resort Casino and Circus Circus Resort Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; Eldorado Gaming Scioto Downs in Columbus, OH; Mountaineer Casino Racetrack & Resort in Chester, WV; and Presque Isle Downs & Casino in Erie, PA. For more information, please visit www.eldoradoresorts.com.
    On September 19, 2016 the Company announced that it entered into a definitive merger agreement to acquire Isle of Capri Casinos, Inc. (ISLE) for total consideration of $1.7 billion. Upon completion of the transaction, expected to occur in the second quarter of 2017, Eldorado will add 12 additional properties to its portfolio taking into account announced divestitures.
    About Isle of Capri Casinos, Inc.
    Isle of Capri Casinos, Inc. is a leading regional gaming and entertainment company dedicated to providing guests with an exceptional experience at each of the 14 casino properties that it owns or operates, primarily under the Isle and Lady Luck brands. Isle currently operates gaming and entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania. More information is available at the Company's website, www.islecorp.com.




















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  14. #139  
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    earnings march 9th at the close on this beast
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  15. #140  
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    Quote Originally Posted by brucefan View Post
    earnings march 9th at the close on this beast
    Business Wire3 minutes ago
    Eldorado Resorts Reports Fourth Quarter Net Revenue of $206.5 Million, Operating Income of $13.1 Million and Adjusted EBITDA of $33.6 Million



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    look like a miss, on rev and net. will be adding to position on any short term weakness

    Analyst coverage will expand greatly after the deal closes
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  17. #142  
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    And they are still buying
    3/14/17, 6:55 PM
    Eldorado Resorts, Inc. director just picked up 1,744 shares http://www.conferencecalltranscripts...y2/?id=3588977 $ERI
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  18. #143  
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    Quote Originally Posted by brucefan View Post
    look like a miss, on rev and net. will be adding to position on any short term weakness

    Analyst coverage will expand greatly after the deal closes
    wasn't much weakness.
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  19. #144  
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    ERI. Stats

    a huge block of 630k shares traded last week
    in sure whoever bought that piece is looking for a little more then 20😎
    Index - P/E 36.25 EPS (ttm) 0.52 Insider Own 12.10% Shs Outstand 47.12M Perf Week 4.43%
    Market Cap 888.21M Forward P/E 14.70 EPS next Y 1.28 Insider Trans -11.41% Shs Float 27.70M Perf Month 13.55%
    Income 24.80M PEG 7.25 EPS next Q 0.17 Inst Own 62.30% Short Float 18.65% Perf Quarter 14.59%
    Sales 892.90M P/S 0.99 EPS this Y -78.60% Inst Trans 13.79% Short Ratio 13.36 Perf Half Y 31.45%
    Book/sh 6.38 P/B 2.95 EPS next Y 34.95% ROA 1.90% Target Price 21.00 Perf Year 71.36%
    Cash/sh 1.29 P/C 14.56 EPS next 5Y 5.00% ROE 8.60% 52W Range 10.57 - 19.85 Perf YTD 11.21%
    Dividend - P/FCF 17.69 EPS past 5Y 20.10% ROI 6.90% 52W High -5.04% Beta -
    Dividend % - Quick Ratio 0.90 Sales past 5Y 28.40% Gross Margin 37.30% 52W Low 78.30% ATR 0.68
    Employees 7400 Current Ratio 1.00 Sales Q/Q 10.90% Oper. Margin 10.00% RSI (14) 63.85 Volatility 4.87% 3.72%
    Optionable Yes Debt/Eq 2.68 EPS Q/Q -99.10% Profit Margin 2.80% Rel Volume 1.47 Prev Close 18.60
    Shortable Yes LT Debt/Eq 2.67 Earnings Mar 09 AMC Payout 0.00% Avg Volume 386.59K Price 18.85
    Recom 2.30 SMA20 7.87% SMA50 14.02% SMA200 26.85% Volume 569,919 Change 1.34%
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  20. #145  
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    Reno’s Eldorado properties on a Big Hiring Spree

    Posted on May 1, 2017May 1, 2017 manager




    Reno’s Eldorado properties on a Big Hiring Spree (ERI)
    RENO, Nev. (KOLO) – Downtown Reno’s Eldorado Resorts properties are looking to fill numerous positions with a job fair April 26.
    Eldorado Resort Casino, Silver Legacy Resort Casino and Circus Circus Reno will host a job fair from 9AM to 2PM in the Silver Legacy’s
    Grande Exposition Hall. Departments looking to hire include hotel, casino, security, public area housekeeping, food and beverage, catering
    and banquets, sales, information technology and others.
    With $50 million in renovations, the 3 properties are also looking to fill positions at brand new food outlets, including the Habit Burger Grill,
    opening in May, and Kanpai Sushi, already open.
    Corporate positions for Eldorado Resorts, Inc. are also available in select departments.
    Applications can be completed in advance online here. A complete list of open positions is also available online.
    Eldorado recommends applicants have printed copies of the completed applications with them at the job fair, as well as multiple copies of resumes.
    A printer will be available on site for applications.
    Human Resources will review applications throughout the event and eligible candidates are advised to be prepared to interview on the spot with management.

    Reference : Link
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  21. #146  
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    Look for new recommendations coming as many new firms have now picked up coverage

    Eldorado Resorts finishes off acquisition of Isle of Capri

    May 1, 2017 12:36 PM ET|About: Eldorado Resorts, Inc. (ERI)|By: Clark Schultz, SA News Editor

    Eldorado Resorts (ERI -0.7%) completes the cash and stock acquisition of Isle of Capri Casinos (NASDAQ:ISLE) in a deal that sees it pick up 12 casino resorts.
    Eldorado acquired all of the outstanding shares of Isle of Capri for $23.00 in cash or 1.638 shares of Eldorado common stock.
    The transaction is expected to be immediately accretive to Eldorado’s free cash flow and diluted earnings per share.
    “Our acquisition of Isle of Capri marks a significant milestone in Eldorado’s history of growth through strategic, accretive acquisitions. The combination significantly expands the scale of our gaming operations, further diversifies our geographic reach into new markets and minimizes market-specific risk," notes Eldorado CEO Gary Carano.
    Source: Press Release
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    Eldorado Resorts Reports First Quarter Net Revenue of $200.9 Million, Operating Income of $14.1 Million and Adjusted EBITDA of $33.4 Million






    Business WireMay 4, 2017














    RENO, Nev.--(BUSINESS WIRE)--
    Eldorado Resorts, Inc. (ERI) (“Eldorado,” “ERI,” or “the Company”) today reported operating results for the first quarter ended March 31, 2017.
    ($ in thousands) Total Net Revenue
    Three Months Ended
    March 31,
    2017 2016 Change
    Reno Tri-Properties $ 62,701 $ 72,771 (13.8 )%
    Eldorado Shreveport 31,911 34,442 (7.3 )%
    Scioto Downs (1) 42,111 39,783 5.9 %
    Mountaineer 32,598 33,386 (2.4 )%
    Presque Isle Downs 31,604 33,184 (4.8 )%
    Total Net Revenue $ 200,925 $ 213,566 (5.9 )%
    ($ in thousands) Adjusted EBITDA
    Three Months Ended
    March 31,
    2017 2016 Change
    Reno Tri-Properties $ 6,329 $ 10,994 (42.4 )%
    Eldorado Shreveport 7,850 8,447 (7.1 )%
    Scioto Downs (1) 15,675 14,591 7.4 %
    Mountaineer 4,228 3,544 19.3 %
    Presque Isle Downs 4,175 4,771 (12.5 )%
    Corporate (2) (4,852 ) (4,007 ) 21.1 %
    Total Adjusted EBITDA (3) $ 33,405 $ 38,340 (12.9 )%
    Operating income $ 14,149 $ 18,263
    Net income $ 1,021 $ 3,370
    Basic EPS $ 0.02 $ 0.07
    Diluted EPS $ 0.02 $ 0.07

    (1) Effective January 1, 2016, the Ohio Lottery Commission enacted a regulatory change which resulted in the establishment of a $1.0 million progressive slot liability and a corresponding decrease in net slot win in Q1 2016. The changes are non-cash and related to prior years. If the regulatory change didn’t take place, net revenues at Scioto Downs would have increased 3.3% for the three months ended March 31, 2017. The net non-cash impact to Adjusted EBITDA was $0.6 million and that amount is added back to Scioto Downs’ Adjusted EBITDA for the three months ended March 31, 2016.
    (2) Corporate for the three months ended March 31, 2017 and March 31, 2016 excludes severance expense of $(11.0) thousand and $1.4 million, respectively.
    (3) Adjusted EBITDA is not a GAAP measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See "Reconciliation of GAAP Measures to Non-GAAP Measures" below for a definition of Adjusted EBITDA and a quantitative reconciliation of Adjusted EBITDA to operating income (loss), which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

    “The year-over-year decline in Eldorado’s first quarter results reflects the impact of significant weather disruption at our Reno Tri-Properties’ operations. The impact of decreased visitation at the Reno Tri-Properties resulting from all-time record snowfall in the region was partially offset by continued strong performance of Eldorado Scioto Downs, and the benefit from cost reductions implemented at Mountaineer which drove a significant double digit increase in the property’s Adjusted EBITDA, the first such year-over-year improvement in 12 quarters,” said Gary Carano, Chairman and Chief Executive Officer of Eldorado.
    “Snow storms during eleven of the fourteen weekends in the 2017 first quarter significantly hampered drive-in visitation from important California feeder markets, impacting visitation and revenue for our Reno Tri-Properties. Notwithstanding the first quarter weather challenges, we expect to continue to leverage the ongoing organic growth opportunities we have in Reno to deliver improvements in our Tri-Properties’ results going forward. During the quarter we made significant progress on our comprehensive $50 million facility enhancement plan that should allow us to further benefit from the region’s continued economic resurgence and positive long-term outlook. Our capital plan for the Reno Tri-Properties is creating a more integrated guest and a luxury resort experience. In the first quarter, we completed the renovation of 300 guest rooms at Circus Circus Reno, representing approximately 19% of the property’s room base, and opened Kanpai Sushi and El Jefe’s Cantina. Property enhancements currently underway include a new poker room and Canter’s Delicatessen at Silver Legacy, a new food court with Habit Burger, Piezzetta Pizza Kitchen and Panda Express, a 6,700 square foot video arcade, party rooms and bar, the renovation of approximately 600 guest rooms, and a new Madame Butterworks Café at Circus Circus Reno, the renovation of approximately 160 guest rooms at Eldorado Reno and new public spaces across all three properties.
    “Complementing our organic growth plan across our legacy property portfolio, earlier this week we completed the accretive acquisition of Isle of Capri Casinos. The addition of Isle’s twelve casino-resorts to our property portfolio transforms Eldorado into a premiere, diversified regional gaming operator with many opportunities for near- and long-term growth. The acquisition of Isle of Capri significantly expands the scale of our gaming operations and minimizes market-specific risk.
    “With this acquisition now complete, we have created significant value for our shareholders as we have grown our operations from two wholly-owned properties and a 50% interest in a third property in two states, to a company that now operates 19 properties across ten states in which we feature approximately 20,000 slot machines and VLTs, more than 550 table games and over 6,500 hotel rooms in addition to many leading food and beverage offerings. Our ongoing expansion, combined with an unwavering enterprise-wide commitment to guest satisfaction including exciting gaming and other entertainment, best in market food and beverage offerings and other amenities and services, has in just a few short years elevated Eldorado to become a leading regional gaming company.
    “We have made significant progress with the Isle integration prior to the completion of this transaction and we believe our history of successful integration of acquired properties prior to the completion of the Isle of Capri transaction will serve us well.”
    Balance Sheet and Liquidity
    At March 31, 2017, Eldorado had $44.6 million in cash and cash equivalents and $378.8 million in restricted cash, which included $376.8 million of escrow cash related to the Isle of Capri Casinos acquisition. Outstanding indebtedness at March 31, 2017 totaled $1.2 billion, including $23 million outstanding on the Company’s revolving credit facility and $375 million in borrowings that were placed in escrow pending the closing of the acquisition of Isle of Capri Casinos. Upon consummation of the acquisition of Isle of Capri Casinos on May 1, 2017, and the completion of financing transactions in conjunction with the acquisition, the Company’s outstanding debt is $2.3 billion, comprised of $375 million of Senior Notes due 2023, $375 million of Senior Notes due 2025, a $1.45 billion Term Loan B and outstanding borrowings under a new $300 million revolving credit facility. Capital expenditures in the first quarter of 2017 totaled $6.2 million.

    “With the completion of the acquisition of Isle of Capri, we expect that our free cash flow will position Eldorado to reduce leverage while maintaining the financial flexibility to evaluate and pursue additional growth opportunities,” said Tom Reeg, President and Chief Financial Officer of Eldorado. “We remain confident that we will exceed our $35 million synergy target and are off to a great start, realizing more than $20 million of annual cost synergies immediately upon closing. During the quarter, we also raised the debt financing for the Isle transaction. Pro forma annual interest expense will be less than $100 million, approximately $15 million less than anticipated at the time of the transaction announcement.”
    Consistent with prior disclosures, Eldorado expects the $134.5 million sale of Isle of Capri Hotel Lake Charles to close later in 2017, subject to regulatory approval, and the Company intends to allocate all of the net proceeds from the sale to debt reduction.
    Summary of 2017 First Quarter Property Results
    Nevada
    Net revenue at the Reno Tri-Properties for the quarter ended March 31, 2017 declined approximately 13.8% to $62.7 million compared to $72.8 million in the prior-year period, with operating income of $1.5 million compared to $5.6 million in the year-ago quarter. Adjusted EBITDA was $6.3 million compared to Adjusted EBITDA of $11.0 million in the prior-year period. Net revenue, operating income and Adjusted EBITDA for the Reno Tri-Properties in the first quarter of 2017 were significantly impacted by severe weather including historically high snow fall in the region during the period. Overall, the record snow fall included storms over 11 of the 14 weekends in the quarter which significantly hampered drive-in visitation from California to Reno over the Donner Pass. Notwithstanding the impact of weather, the consolidation of the Tri-Properties is expected to continue to bring efficiencies and growth with the ongoing implementation of revenue and expense synergy strategies and the commencement of the Company’s $50 million capital plan.
    Louisiana
    Net revenue at Eldorado Shreveport declined 7.3% to $31.9 million in the first quarter of 2017 from $34.4 million in the first quarter of 2016, while operating income declined $0.6 million year over year to $5.9 million. Adjusted EBITDA decreased 7.1% to $7.9 million from $8.4 million in the comparable quarter of 2016 with the property’s Adjusted EBITDA margin increasing 10 basis points to 24.6%. Eldorado Shreveport was impacted by historically low table games hold percentage which the Company estimates impacted quarterly Adjusted EBITDA by approximately $0.7 million when compared to normalized hold percentage.
    Eastern Properties
    Net revenue at Eldorado Scioto Downs increased 5.9% to $42.1 million in the first quarter of 2017 from $39.8 million in the first quarter of 2017 and operating income rose to $11.1 million from $9.8 million in the year-ago quarter. Scioto Downs’ first quarter 2017 Adjusted EBITDA increased 7.4% to $15.7 million from $14.6 million in the comparable prior-year period marking the ninth consecutive quarter that Adjusted EBITDA at the property rose on a year over year basis. The property’s Adjusted EBITDA margin increased 50 basis points year over year to 37.2%, a quarterly record for the property. The 118-room Hampton Inn Hotel at the property developed by a third party opened on March 17 and since opening has driven visitation and spend at the property.
    At Presque Isle Downs & Casino, first quarter 2017 net revenue declined 4.8% to $31.6 million. The lower revenue led to a decline in operating income to $2.4 million compared to $3.0 million in the year-ago quarter and in Adjusted EBITDA which declined 12.5% to $4.2 million in the first quarter of 2017 from $4.8 million a year ago.
    Net revenue at Mountaineer Casino, Racetrack & Resort declined 2.4% to $32.6 million in the first quarter of 2017 from $33.4 million in the first quarter of 2016. Benefits from the Company’s recently implemented efforts to right-size operating expenses for the property to match current visitation and revenue volumes drove a year-over-year improvement in operating income in the first quarter of 2017 to $1.6 million compared to $0.9 million in the year-ago period and a 19.3% year-over-year increase in Adjusted EBITDA to $4.2 million compared to $3.5 million in the first quarter of 2016.
    Future Property Results Reporting Presentation Post Close of Acquisition of Isle of Capri
    Reflecting the completion on May 1 of the Company’s acquisition of Isle of Capri, Eldorado will change its quarterly property results reporting, which will be consistent with expected changes in our management report structure. This new reporting will commence with the reporting of financial results for the second quarter period ending June 30, 2017. At that time, the Company expects to report its property operating results in four regions:
    1) West Region (Reno Tri-Properties, Isle Casino Hotel Black Hawk and Lady Luck Casino Black Hawk)
    2) Midwest Region (Isle Casino Waterloo, Isle Casino Bettendorf, Isle of Capri Casino Boonville, Isle Casino Cape Girardeau, Lady Luck Casino Caruthersville and Isle of Capri Casino Kansas City)
    3) South Region (Isle Casino Racing Pompano Park, Eldorado Shreveport, Isle of Capri Casino Lula and Lady Luck Casino Vicksburg)
    4) East Region (Presque Isle Downs and Casino, Lady Luck Casino Nemacolin, Eldorado Scioto Downs Racino and Mountaineer Casino, Racetrack and Resort)

    At that time, the Company will also provide combined historical operating results for each of the 2016 and 2017 quarterly periods and for the full year period for these regions that include the operations of the acquired Isle of Capri properties as if the properties were acquired by Eldorado on January 1, 2016. While this presentation will not conform with generally accepted accounting principle (“GAAP”) or the Securities and Exchange Commission rules for pro forma presentation, the Company will present the combined information as it believes it provides a meaningful comparison for the periods presented.
    Reconciliation of GAAP Measures to Non-GAAP Measures
    Adjusted EBITDA (defined below), a non GAAP financial measure, has been presented as a supplemental disclosure because it is a widely used measure of performance and basis for valuation of companies in our industry and we believe that this non GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. Adjusted EBITDA represents operating income (loss) before depreciation and amortization, stock based compensation, transaction expenses, S-1 expenses, severance expenses and other, which includes equity in income (loss) of unconsolidated affiliates, (gain) loss on the sale or disposal of property, and other regulatory gaming assessments, including the impact of the change in regulatory reporting requirements, to the extent that such items existed in the periods presented. Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with U.S. GAAP, is unaudited and should not be considered an alternative to, or more meaningful than, net income (loss) as an indicator of our operating performance. Uses of cash flows that are not reflected in Adjusted EBITDA include capital expenditures, interest payments, income taxes, debt principal repayments and certain regulatory gaming assessments, which can be significant. As a result, Adjusted EBITDA should not be considered as a measure of our liquidity. Other companies that provide EBITDA information may calculate EBITDA differently than we do. The definition of Adjusted EBITDA may not be the same as the definitions used in any of our debt agreements.
    First Quarter Conference Call
    Eldorado will host a conference call at 4:30 p.m. ET today. Senior management will discuss the financial results and host a question and answer session. The dial in number for the audio conference call is 719/457-2615, conference ID 8250249 (domestic and international callers). Participants can also access a live webcast of the call through the “Events & Presentations” section of Eldorado’s website at http://www.eldoradoresorts.com/ and a replay of the webcast will be archived on the site for 90 days following the live event.
    About Eldorado Resorts, Inc.
    Eldorado Resorts is a leading casino entertainment company that owns and operates nineteen properties in ten states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. In aggregate, Eldorado’s properties feature approximately 20,000 slot machines and VLTs, more than 550 table games and over 6,500 hotel rooms. For more information, please visit www.eldoradoresorts.com.
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  23. #148  
    RX Senior
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    The stock has done well. I just thought I would add a little information. My friend that has had upper management positions in the casino industry for 30+ years and is close to retirement. At Isle of Capri and was in charge of multiple properties. He was let go. Didn't come as a total surprise because the buyer usually has their own ideas and they want their people in upper management positions. He got his golden parachute so not the worse thing in the world.

    The feedback was that he was not impressed with the new management and was surprised by some of the things they said and did while he was there. Overall he was not impressed to say the least. This is from an industry veteran.

    Take it for what it is worth.
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  24. #149  
    RX Wizard
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    good info as always
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  25. #150  
    RX Senior brucefan's Avatar
    Join Date
    Jan 2005
    Location
    wellington
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    1,987
    Quote Originally Posted by Northern Star View Post
    The stock has done well. I just thought I would add a little information. My friend that has had upper management positions in the casino industry for 30+ years and is close to retirement. At Isle of Capri and was in charge of multiple properties. He was let go. Didn't come as a total surprise because the buyer usually has their own ideas and they want their people in upper management positions. He got his golden parachute so not the worse thing in the world.

    The feedback was that he was not impressed with the new management and was surprised by some of the things they said and did while he was there. Overall he was not impressed to say the least. This is from an industry veteran.

    Take it for what it is worth.
    These guys are experienced, seasoned, and connected.
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