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Press Releases

Aug 4, 2016

ELDORADO RESORTS REPORTS SECOND QUARTER NET REVENUE OF $231.3 MILLION, OPERATING INCOME OF $29.7 MILLION AND ADJUSTED EBITDA OF $46.7 MILLION

- Operating Income Increases for the Fourth Consecutive Quarter andAdjusted EBITDA Increases for the Fifth Consecutive Quarter -

RENO, Nev.--(BUSINESS WIRE)-- Eldorado Resorts, Inc. (NASDAQ:ERI) (“Eldorado,” “ERI,” or “the Company”) today reported operating results for the second quarter ended June 30, 2016. Net revenue, operating income and Adjusted EBITDA for all periods summarized below 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.

                       
          Total Net Revenue       Total Net Revenue    
($ in thousands, except per share data)         Three Months Ended       Six Months Ended    
          June 30,       June 30,    
            2016           2015         Change         2016           2015         Change    
Reno Tri-Properties (1)         $ 84,161         $ 76,913         9.4 %       $ 156,932         $ 145,009         8.2 %    
Eldorado Shreveport           32,088           34,634         (7.4 )%         66,530           69,268         (4.0 )%    
Scioto Downs (2)           42,243           40,547         4.2 %         82,026           78,266         4.8 %    
Mountaineer           35,754           42,522         (15.9 )%         69,140           82,198         (15.9 )%    
Presque Isle Downs           37,069           37,724         (1.7 )%         70,253           69,393         1.2 %    
Total Net Revenue (1)         $ 231,315         $ 232,340         (0.4 )%       $ 444,881         $ 444,134         0.2 %    
                       
                       
($ in thousands, except per share data)         Adjusted EBITDA       Adjusted EBITDA    
          Three Months Ended       Six Months Ended    
          June 30,       June 30,    
            2016           2015         Change         2016           2015         Change    
Reno Tri-Properties (1)         $ 18,915         $ 14,335         32.0 %       $ 29,908         $ 21,705         37.8 %    
Eldorado Shreveport           7,456           7,945         (6.2 )%         15,903           15,088         5.4 %    
Scioto Downs (2)           14,578           14,177         2.8 %         29,169           27,236         7.1 %    
Mountaineer           3,674           6,996         (47.5 )%         7,217           12,218         (40.9 )%    
Presque Isle Downs           5,787           5,921         (2.3 )%         10,558           9,468         11.5 %    
Corporate (3)           (3,758 )         (3,669 )       2.4 %         (7,766 )         (7,228 )       7.4 %    
Total Adjusted EBITDA (1) (4)         $ 46,652         $ 45,705         2.1 %       $ 84,989         $ 78,487         8.3 %    
                                                       
                                                       
Operating Income         $ 29,655         $ 23,059                 $ 47,917         $ 35,143              
Net income (loss)         $ 10,791         $ 4,795                 $ 14,160         $ (1,369 )            
Basic EPS         $ 0.23         $ 0.10                 $ 0.30         $ (0.03 )            
Diluted EPS         $ 0.23         $ 0.10                 $ 0.30         $ (0.03 )            
                                                                       
(1)   Figures for the three and six months ended June 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 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.
(2)   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 6.1% for the six months ended June 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 six months ended June 30, 2016.
(3)   Corporate for the six months ended June 30, 2016 excludes severance expense of $1.5 million.
(4)   Adjusted EBITDA is not a generally accepted accounting principle ("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.
     

“Significant growth related to Eldorado’s expanded presence in Reno and our ongoing success with initiatives to expand operating margins resulted in our fourth consecutive quarter of year over year operating income growth and our fifth consecutive quarter of year over year Adjusted EBITDA growth despite relatively flat revenue,” said Gary Carano, Chairman and Chief Executive Officer of Eldorado. “For the 2016 second quarter, Adjusted EBITDA increased 2.1%, pro forma for the Reno acquisition, while our consolidated Adjusted EBITDA margin rose 50 basis points to 20.2%, marking the fifth consecutive quarter of EBITDA margin increases.

“Our acquisition last November of Reno’s Circus Circus and the 50% interest in Silver Legacy we did not already own continues to be a catalyst for our operating performance. In addition to the benefit from the revenue and cost synergies we have already implemented at our RenoTri-Properties, we are also benefiting from the growing economic strength in the Reno market driven by recent investments, most notably by Tesla and Switch, the rebound of housing prices, expanded airline service into and out of the city and a lower unemployment rate in the region. Reflecting these factors, second quarter net revenue and Adjusted EBITDA at our Reno Tri-Properties rose 9.4% and 32.0%, respectively. Eldorado Scioto Downs remains another solid success story as we increased the property’s market share in the second quarter and grew net revenue and Adjusted EBITDA for the sixth consecutive quarter.

“During the second quarter, Eldorado continued to execute on its strategies for return-focused facility enhancements with the opening of The Brew Brothers restaurant at Presque Isle Downs in May and the second smoking patio at Eldorado Scioto Downs on June 30. Following the successful May opening of The Brew Brothers at Presque Isle Downs, early in the third quarter we added a new escalator to the property which takes guests from the casino floor up to the restaurant. The escalator has improved traffic flow at the property and the addition of TheBrew Brothers concept at Presque Isle Downs has been well received by our players. In addition, a new smoking patio at Eldorado Scioto Downs opened with 119 additional VLTs and a casino bar, bringing our total VLT count in both our smoking patios to 201 units. Work continues across the Reno Tri-Properties to finalize budgets and plans to enhance our guests’ experiences, including our previously announced plans for room renovations at Circus Circus Reno and new food and beverage and other property amenities. Finally, early in the third quarter we named Gregg Carano General Manager of Mountaineer CasinoRacetrack & Resort. Most recently, Gregg served as Senior Vice President of Food and Beverage for Eldorado Resorts and he previously served as General Manager of Circus Circus Reno and General Manager of Eldorado Resort Casino Reno.

“As we look forward to the second half of the year, we are very excited about the benefit these facility enhancement projects will provide to our guests and remain focused on the implementation of operating strategies that we expect will deliver additional value for our shareholders.”

Balance Sheet and Liquidity

At June 30, 2016, Eldorado had $37.1 million in cash and cash equivalents and $3.9 million in restricted cash. Outstanding indebtedness at June 30, 2016 totaled $817.8 million, including $22.0 million outstanding on the Company’s revolving credit facility. Capital expenditures in the second quarter of 2016 totaled $9.9 million and $20.5 million in the first half of the year. The Company continues to anticipate 2016 full-year capital expenditures of $50 million, with approximately $15 million allocated to project cap-ex and the remaining $35 million for maintenance cap-ex.

“We continue to successfully implement initiatives that drive higher free cash flow which is being allocated to reduce our debt and leverage,” said Tom Reeg, President and Chief Financial Officer of Eldorado. “Reflecting our success with these strategies, we paid down $38.1 million of debt in the second quarter, bringing total debt reduction in the first half of 2016 to $73.6 million, with our trailing twelve month consolidated gross leverage ratio now at 4.9x.”

Summary of 2016 Second Quarter Property Results and Facility Enhancements

Nevada

Net revenue at the Reno Tri-Properties for the quarter ended June 30, 2016 increased 9.4% over the prior-year period to $84.2 million, with operating income increasing 26.9% to $13.7 million and Adjusted EBITDA of $18.9 million growing 32.0% from the same period in 2015. Adjusted EBITDA margin increased 380 basis points in the second quarter to 22.5%. The Adjusted EBITDA improvement reflects the leverage in the Tri-Properties operating model as the year-over-year increase in all of the complex’s volume indicators resulted in improved flow through of revenue to adjusted EBITDA. Gaming revenue benefited from increases in both coin-in and table drop and non-gaming revenues continued to increase with RevPAR up 20.1%. The consolidation of the Tri-Properties continues with ongoing revenue and expense synergy strategies being implemented.

Louisiana

Net revenue at Eldorado Shreveport declined 7.4% to $32.1 million in the second quarter of 2016 from $34.6 million in the second quarter of 2015 while operating income decreased 8.5% to $5.5 million over the same time period. Adjusted EBITDA decreased 6.2% to $7.5 million from $7.9 million in the comparable quarter of 2015. The property experienced lower than historical average table game hold during the quarter which contributed to the decline in net revenues, which was partly offset by a 2.6% increase in non-gaming revenues. The Shreveport market continued to be impacted by weakness in the energy sector in the second quarter.

Eastern Properties

Net revenue at Eldorado Scioto Downs increased 4.2% to $42.2 million in the second quarter of 2016 from $40.5 million in the second quarter of 2015 with operating income declining 0.7% to $10.4 million over the same time period. Scioto Downs’ second quarter 2016 Adjusted EBITDA increased 2.8% to $14.6 million from $14.2 million in the comparable prior-year period. The increase in both net revenues and Adjusted EBITDA marks the sixth consecutive quarter of year-over-year growth for these metrics at Scioto Downs. Non-gaming revenue at the property rose 8.5% in the second quarter driven by the 2015 fourth quarter opening of The Brew Brothers microbrewery and restaurant. On June 30 a second smoking patio opened with 119 new VLTs and a casino bar which is directly adjacent to Brew Brothers at the front of the property. Construction on the 118-room Hampton Inn Hotel at the property continues and the hotel is expected to open in the fourth quarter of 2016.

At Presque Isle Downs & Casino, second quarter 2016 net revenue decreased 1.7% to $37.1 million from $37.7 million in the second quarter of 2015 with operating income increasing 17.8% to $4.1 million over the same time period. Adjusted EBITDA declined slightly to $5.8 million in the second quarter of 2016 from $5.9 million in the year-ago quarter. The decline in net revenue is attributable to lower non-gaming revenue mainly associated with strategic reductions in the property’s promotional expense. The property experienced minor construction disruption during the quarter due to the transformation of the old Clubhouse Restaurant into a new The Brew Brothers restaurant and a brand new escalator going from the casino floor to the entrance of The Brew Brothers, all of which was completed by the beginning of the third quarter.

Net revenue at Mountaineer Casino, Racetrack & Resort declined 15.9% to $35.8 million in the second quarter of 2016 from $42.5 million in the second quarter of 2015 with operating income decreasing 84.5% to $0.5 million over the same time period. Adjusted EBITDA declined 47.5% to $3.7 million from $7.0 million in the comparable quarter of 2015. The property continued to be impacted by the smoking ban in the county that went into effect July 1, 2015.

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.

Second 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 719/325-2361, conference ID 4541657 (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.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.Forward-looking statements include statements regarding our strategies, objectives and plans for future development or acquisitions of properties or operations, as well as expectations, future operating results and other information that is not historical information.When used in this press release, the terms or phrases such as “anticipates,” “believes,” “projects,” “plans,” “intends,” “expects,” “might,” “may,” “estimates,” “could,” “should,” “would,” “will likely continue,” and variations of such words or similar expressions are intended to identify forward-looking statements.Although our expectations, beliefs and projections are expressed in good faith and with what we believe is a reasonable basis, there can be no assurance that these expectations, beliefs and projections will be realized.There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release.Such risks, uncertainties and other important factors include, but are not limited to:our substantial indebtedness and the impact of such obligations on our operations and liquidity; competition; our geographic concentration; our ability to integrate the operations of Circus Circus Reno, the Silver Legacy and the MTR Gaming properties; sensitivity of our operations to reductions in discretionary consumer spending and changes in general economic and market conditions; governmental regulations and increases in gaming taxes and fees in jurisdictions in which we operate; risks relating to pending claims or future claims that may be brought against us; the effect of disruptions to our information technology and other systems and infrastructure; construction factors relating to maintenance and expansion of operations; our ability to attract and retain customers; weather or road conditions limiting access to our properties; the effect of war, terrorist activity, natural disasters and other catastrophic events; and competition to attract and retain management and key employees.

In light of these and other risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur.These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

- tables follow -

     
ELDORADO RESORTS, INC.    
CONSOLIDATED BALANCE SHEETS    

($ in thousands)

   
     
         

     June 30, 2016     

      December 31, 2015    

ASSETS

        (unaudited)            
CURRENT ASSETS:                      
Cash and cash equivalents         $ 37,105       $ 78,278    
Restricted cash           3,870         5,271    
Accounts receivable, net           14,524         9,981    
Inventories           11,696         11,742    
Prepaid income taxes           422         112    
Prepaid expenses and other           13,320         10,795    
Total current assets           80,937         116,179    
INVESTMENT IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES           1,286         1,286    
PROPERTY AND EQUIPMENT, NET           615,011         625,416    
GAMING LICENSES AND OTHER INTANGIBLE ASSETS, NET           489,630         492,033    
GOODWILL           66,826         66,826    
NON-OPERATING REAL PROPERTY           14,218         16,314    
OTHER ASSETS, NET           6,777         6,954    
Total assets         $ 1,274,685       $ 1,325,008    

 

                     

LIABILITIES AND STOCKHOLDERS' EQUITY

                     
CURRENT LIABILITIES:                      
Current portion of long-term debt         $ 4,533       $ 4,524    
Accounts payable           23,031         17,005    
Due to affiliates           73         129    
Accrued property, gaming and other taxes           15,737         19,424    
Accrued payroll and related           17,198         17,852    
Accrued interest           14,230         14,978    
Accrued other liabilities           30,848         31,798    
Total current liabilities           105,650         105,710    
LONG-TERM DEBT, LESS CURRENT PORTION, NET OF DISCOUNT           789,389         861,713    
DEFERRED INCOME TAXES           86,093         78,797    
OTHER LONG-TERM LIABILITIES           7,110         8,121    
            988,242         1,054,341    
                       
STOCKHOLDERS’ EQUITY:                      
Total stockholders' equity           286,443         270,667    
Total liabilities and stockholders' equity         $ 1,274,685       $ 1,325,008    
                           
     
ELDORADO RESORTS, INC.    
CONSOLIDATED STATEMENTS OF OPERATIONS    

($ in thousands, except per share data)

   
     
          Three Months Ended       Six Months Ended    
          June 30,       June 30,    
            2016           2015           2016           2015      
Revenues:                                      
Casino         $ 178,459         $ 156,788         $ 347,537         $ 304,450      
Pari-mutuel commissions           2,893           3,056           3,577           4,261      
Food and beverage           36,967           23,495           70,706           45,677      
Hotel           25,677           8,444           45,842           15,478      
Other           11,014           6,573           21,899           11,299      
            255,010           198,356           489,561           381,165      
Less: promotional allowances           (23,695 )         (15,723 )         (44,680 )         (31,081 )    
Net operating revenues           231,315           182,633           444,881           350,084      
                                       
Expenses:                                      
Casino           100,374           91,066           196,636           177,884      
Pari-mutuel commissions           2,931           3,093           4,255           4,789      
Food and beverage           20,783           12,002           40,511           23,923      
Hotel           7,979           2,313           15,108           4,503      
Other           6,618           3,567           12,692           6,434      
Marketing and promotions           9,766           7,404           19,341           14,505      
General and administrative           32,380           23,053           64,035           46,597      
Corporate           4,354           3,901           11,258           8,061      
Depreciation and amortization           15,583           14,031           31,787           28,500      
Total operating expenses           200,768           160,430           395,623           315,196      
                                       
(LOSS) GAIN ON SALE OR DISPOSAL OF PROPERTY           (836 )         3           (765 )         4      
ACQUISITION CHARGES           (56 )         (253 )         (576 )         (337 )    
EQUITY IN INCOME OF UNCONSOLIDATED AFFILIATE           -           1,106           -           588      
OPERATING INCOME           29,655           23,059           47,917           35,143      
                                       
OTHER INCOME (EXPENSE):                                      
Interest expense, net           (12,795 )         (17,232 )         (25,786 )         (34,464 )    
Loss on early retirement of debt, net           (89 )         -           (155 )         -      
Total other expense           (12,884 )         (17,232 )         (25,941 )         (34,464 )    
                                       
NET INCOME BEFORE INCOME TAXES           16,771           5,827           21,976           679      
PROVISION FOR INCOME TAXES           (5,980 )         (1,032 )         (7,816 )         (2,048 )    
NET INCOME (LOSS)         $ 10,791         $ 4,795         $ 14,160         $ (1,369 )    
                                       
Net income (loss) per share of common stock:                                      
Basic         $ 0.23         $ 0.10         $ 0.30         $ (0.03 )    
Diluted         $ 0.23         $ 0.10         $ 0.30         $ (0.03 )    
Weighted average number of shares outstanding:                                      
Basic           47,071,608           46,516,614           46,966,391           46,505,687      
Diluted           47,721,075           46,657,618           47,591,958           46,505,687      
                                                       
     
ELDORADO RESORTS, INC.    
SUMMARY INFORMATION AND RECONCILIATION OF    
OPERATING INCOME (LOSS) TO ADJUSTED EBITDA    
($ in thousands)    
     

Three Months Ended June 30, 2016

   
     
         

Operating
Income (Loss)

     

Depreciation
and
Amortization

     

Stock-Based
Compensation

     

Transaction
Expenses

     

Severance
Expense

     

Other
(4)

     

Adjusted
EBITDA

   
Reno Tri-Properties         $ 13,655         $ 5,046       $ -       $ -       $ -       $ 214         $ 18,915      
Eldorado Shreveport           5,541           1,964         -         -         -         (49 )         7,456      
Scioto Downs           10,363           4,215         -         -         -         -           14,578      
Mountaineer           493           2,393         -         -         -         788           3,674      
Presque Isle Downs           4,078           1,851         -         -         -         (142 )         5,787      
Corporate           (4,475 )         114         579         56         17         (49 )         (3,758 )    
          $ 29,655         $ 15,583       $ 579       $ 56       $ 17       $ 762         $ 46,652      
                                                               
                                                               

Three Months Ended June 30, 2015

   
                                                               
         

Operating
Income (Loss)

     

Depreciation
and
Amortization

     

Stock-Based
Compensation

     

Transaction
Expenses

     

Severance
Expense

     

Other
(4)

     

Adjusted
EBITDA

   
Reno Tri-Properties (3)         $ 10,759         $ 4,647       $ -       $ -       $ 40       $ (1,111 )       $ 14,335      
Eldorado Shreveport           6,056           1,888         -         -         -         1           7,945      
Scioto Downs           10,441           3,736         -         -         -         -           14,177      
Mountaineer           3,172           3,812         -         -         12         -           6,996      
Presque Isle Downs           3,461           2,559         -         -         -         (99 )         5,921      
Corporate           (4,248 )         94         231         253         -         1           (3,669 )    
          $ 29,641         $ 16,736       $ 231       $ 253       $ 52       $ (1,208 )       $ 45,705      
                                                               
                                                               

Six Months Ended June 30, 2016

   
                                                               
         

Operating
Income (Loss)

     

Depreciation
and
Amortization

     

Stock-Based
Compensation
(2)

     

Transaction
Expenses

     

Severance
Expense

     

Other
(4)

     

Adjusted
EBITDA

   
Reno Tri-Properties         $ 19,219         $ 10,509       $ -       $ -       $ -       $ 180         $ 29,908      
Eldorado Shreveport           12,043           3,910         -         -         -         (50 )         15,903      
Scioto Downs (1)           20,177           8,416         -         -         -         576           29,169      
Mountaineer           1,409           5,050         -         -         -         758           7,217      
Presque Isle Downs           7,079           3,677         -         -         -         (198 )         10,558      
Corporate           (12,010 )         225         2,033         574         1,461         (49 )         (7,766 )    
          $ 47,917         $ 31,787       $ 2,033       $ 574       $ 1,461       $ 1,217         $ 84,989      
                                                               
                                                               

Six Months Ended June 30, 2015

   
                                                               
         

Operating
Income (Loss)

     

Depreciation
and
Amortization

     

Stock-Based
Compensation

     

Transaction
Expenses

     

Severance
Expense

     

Other
(4)

     

Adjusted
EBITDA

   
Reno Tri-Properties (3)         $ 11,942         $ 10,315       $ -       $ -       $ 41       $ (593 )       $ 21,705      
Eldorado Shreveport           11,255           3,807         -         -         25         1           15,088      
Scioto Downs           19,762           7,474         -         -         -         -           27,236      
Mountaineer           4,165           7,958         -         -         95         -           12,218      
Presque Isle Downs           4,388           5,200         -         -         -         (120 )         9,468      
Corporate           (8,585 )         187         821         337         11         1           (7,228 )    
          $ 42,927         $ 34,941       $ 821       $ 337       $ 172       $ (711 )       $ 78,487      
  (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 during the first quarter of 2016. The changes are non-cash and related primarily to prior years. The net non-cash impact to Adjusted EBITDA was $0.6 million for the six months ended June 30, 2016.
  (2)   Included in stock-based compensation expense for the six months ended June 30, 2016 is $0.5 million of additional stock-based compensation expense as a result of severance related restricted stock units becoming fully vested during the first quarter of 2016.
  (3)   Figures for the three and six months ended June 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 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.
  (4)   Other is comprised of (gain) loss on the sale or disposal of property, equity in income of unconsolidated affiliate and other regulatory gaming assessments, including the item listed in footnote (1) above.
       
       

Eldorado Resorts, Inc.
Thomas Reeg, 775-328-0112
President and Chief Financial Officer
investorrelations@eldoradoresorts.com
or
JCIR
Joseph N. Jaffoni, Richard Land
212-835-8500
eri@jcir.com

Source: Eldorado Resorts, Inc.

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